In this episode, Michael Waitze spoke with Manuel San Miguel, the CEO and Co-founder of Ignatica Ltd. Ignatica enables insurers to deliver more product innovation, personalized servicing, and build market-leading customer experiences. The Company delivers the core platform needed to quickly build new products that deliver straight through, true digital client experiences and applies a pay-for-what-you-use pricing model.
Michael and Manuel talk about product personalization and dynamic definitions of risk. The problem insurers are facing with flexible models is that their processes are often not designed to support those products which increase the operational risk for such models. Ignatica aims to solve this problem with its backend solution that can run in parallel to the legacy system.
Manuel gives insight into the difficulties insurers are facing when tapping into new tier two and tier three markets and the challenges they are experiencing due to their legacy systems. Most platforms are not built to handle large scale. He gives recommendations on how to execute a data migration successfully.
Also take a look at this article that Ignatica authored together with PWC on Modernising Insurance Legacy Systems.