Take advantage of the Top 10 tech trends for P&C insurance in 2023
- Kirk Gutekunst
- February 2023
I attended a great seminar earlier this month from AitéNovarica about the top IT trends for P&C insurance this year. Martina Conlon, Head of Property & Casualty Insurance, outlined the following ten trends insurers will encounter in 2023. Here’s how Joshu can help you take advantage of these opportunities.
1. The new insurance core ecosystem boosts insurer performance
Joshu is at the center of the insurance core ecosystem. We enable insurers to be ahead of the market on key programs and products with a simple but powerful web-based insurance product development, distribution, and underwriting platform.
2. The speed of business continues to accelerate
Joshu lets your business, not your tech stack, determine your speed to market. Create new proof of concepts or brand new products in weeks. Create unlimited, customizable portals in minutes. Make changes to products and publish updates immediately. All without handoff to other teams.
3. Insurers get (really) serious about their APIs
We know you need to be unique, agile, and flexible in your business. That’s why Joshu’s platform is API-first, letting you build the custom tech stack your business needs. All Joshu products are backed by a real-time API. Change your application questions or coverages, and the API is automatically updated. Every product comes with dynamically updated, developer-friendly documentation to make it easy to work with external partners like exchanges or in-house portals.
4. Innovation shifts from fun to fundamental
Innovation fuels your business, and happens fast. Joshu clears the way to let that happen by removing technical barriers to speed and agility. We’ve dramatically lowered the cost and effort to try something new. Whether it’s a proof of concept, a variation on an existing product, or simply getting a legacy product into online distribution, Joshu makes it faster and easier than ever before.
5. Transformation moves beyond core systems
Whether you are a startup insurtech or an existing innovator, Joshu provides the tools to digitize and automate your end-to-end experience.
6. The future is bright with more AI and automation
You know those products and markets that don’t seem worth the effort? What if you could automate them so that quotes and policies are issued automatically? With Joshu, you can.
7. Insurers confront the growing AI conundrum
With our API-first platform, you can begin integrating new technology like AI and machine learning when you feel the time is right. Start small, get feedback, and scale when it makes sense!
8. Disorder continues in the IT labor market
Joshu help insurers do more with less. Launching a new insurance product shouldn’t take months with multiple teams and specialists. You don’t need to be an “IT person” to use Joshu—we want you thinking about your business, not your technology.
9. Embedded insurance sows disruption and opportunity
Joshu helps you deliver embedded insurance solutions quickly with our out-of-the-box APIs. Build a product and use the automatically-generated API to connect to your platform of choice. Side benefit: you can still create an agent or direct portal with the same product to cover multiple distribution channels.
10. MGAs get all the attention
Joshu proactively support both MGAs and Carriers in a customized needs assessment approach. Tell us how we can help you! Your unique market expertise sets you apart, and your ability to act quickly is critical. Build your products with a partner who gets that.