Location of Insurance Work & Associated Technology Frameworks

Just noodlin’ out loud in a blog post about where insurance work gets done and what one or more technology frameworks make sense to support the work:

Only or mostly within one functional department within the insurance carrier

  • Value Chain / Point Solution

Mostly across two or more functional departments within insurance carrier

  • Value Chain / Point Solution
  • Shared System / Bundled Solution (i.e. Systems of Record, Systems of Engagement)

Mostly across one internal functional department of insurance carrier and an insurance agency / broker firm

  • Value Chain / Point Solution (providing a rate or quote; downloading a certificate of insurance)
  • Shared System / Bundled Solution (i.e. Systems of Record, Systems of Engagement; Systems of Channel Management)

Mostly across internal two or more functional departments of an insurance carrier and an insurance agency / broker firm

  • Value Chain / Point Solution (providing a rate or quote; downloading a certificate of insurance)
  • Shared System / Bundled Solution (i.e. Systems of Record, Systems of Engagement; Systems of Channel Management)
  • Solution Space (i.e. collaborative space to develop products, gather information, resolve customer queries)

Mostly across one internal functional department, an insurance agency / broker firm, and a third-party contractor (i.e. Outside Counsel, third-party claim adjusters, body shop, property remediation firm, medical provider of rehabilitation services, medical provider of medical services)

  • Value Chain / Point Solution (providing documents about claim settlement; sending payment to third-party contractor)
  • Shared System / Bundled Solution (i.e. Systems of Record, Systems of Engagement; Systems of Channel Management)
  • Solution Space (i.e. collaborative space to develop products, gather information, resolve customer queries)

Mostly across two or more functional departments, an insurance agency / broker firm, and two or more third-party contractors

  • Value Chain / Point Solution (providing documents about claim settlement; sending payment to third-party contractor)
  • Shared System / Bundled Solution (i.e. Systems of Record, Systems of Engagement; Systems of Channel Management)
  • Solution Space (i.e. collaborative space to develop products, gather information, resolve customer queries)
  • Web-enabled mobile, digital commerce platform (holistically creating or using services, information, models, billing, paying commissions, and/or resolving customer queries)

Mostly across two or more insurance carriers, one or more insurance agency / broker firms, and two or more third-party contractors

  • Shared System / Bundled Solution (i.e. Systems of Record, Systems of Engagement; Systems of Channel Management)
  • Solution Space (i.e. collaborative space to develop products, gather information, resolve customer queries)
  • Web-enabled mobile, digital commerce platform (holistically creating or using services, information, models, billing, paying commissions, and/or resolving customer queries)

I’m using the phrase “Solution Space” instead of ecosystem or platform because these terms or phrases are used incorrectly by technology vendors. I’m not happy with the phrase “Solution Space” but just can’t bring myself to misuse the other two terms (ecosystems, platforms). Can’t do it … sticks in my craw, so to speak.

I consider an ecosystem to be described or defined in a similar manner as a natural ecosystem. Sharing a bunch of APIs is not an ecosystem.

I consider a platform to be described or defined as Sangeet Paul Choudary describes or defines it. Hell, I’m happy to go along with Bill Gate’s description of a platform: when every participant gets more value than the firm creating it, then it is a platform. Sharing a bunch of APIs is not a platform.

Obviously, I have not captured every possible workflow within an insurance carrier or with other entities … as I said, just noodlin’

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