In the fast-paced world of insurance technology, staying ahead of the curve is essential for success.
At the AIE (African Insurance Exchange) 2023 conference, Tony van Niekerk of COVER had the opportunity to sit down with Gary Tessendorf, the regional director for Sapiens, to discuss the vital role of collaboration, the challenges of navigating an ever-changing landscape, and the exciting potential of embedded insurance.
Collaboration: The Key to Innovation
In the insurance industry, collaboration is not just a buzzword – it is a fundamental driver of innovation. Gary Tessendorf emphasised that no organisation is an island, and success is rooted in the collective efforts of various players within the ecosystem. As the regional director for Sapiens, a leading policy administration platform, he recognised the crucial role his company plays in the wider industry landscape. Sapiens leverages the solutions of other entities, collaborates with customers, and prospects, and engages with industry executives to guide their product evolution.
Collaboration is not a one-time event but an ongoing process. Tessendorf highlighted the importance of continuous engagement with customers both locally and internationally. This feedback loop ensures that the core product remains aligned with the ever-evolving needs of the market.
Sapien’s commitment to delivering cutting-edge solutions for the insurance industry has been underscored by its latest achievement. The company’s Sapiens CoreSuite for Life & Pensions has been honoured with Celent’s 2023 XCelent award in the Breadth of Functionality category in the EMEA region. This recognition reflects Sapiens’ dedication to providing innovative and comprehensive tools that empower clients to excel in the rapidly evolving digital landscape.
Embedded Insurance: The Power of Connection
Embedded insurance is on the rise, and it is changing the way insurers engage with customers. Tessendorf explained that the success of embedded insurance hinges on creating seamless connections – connections between internal systems and the outside world, and personal connections with customers. With the digital transformation sweeping through the industry, the way insurers engage is fundamentally shifting. This evolution extends from seamless onboarding experiences to frictionless claims processes.
Tessendorf emphasised the significance of personalisation. Embedded insurance allows insurers to modify the engagement journey based on the customer’s profile and needs. It is a dynamic way of approaching insurance that holds tremendous potential for the future.
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The Ever-Evolving Journey of Technology and Insurance
Navigating the dynamic landscape of technology and insurance is not without its challenges. Tessendorf compared it to a never-ending journey without a fixed destination. However, he revealed the key to successful navigation: partnering with the right technology provider. The rate of change is rapid, and insurers need a partner who can adapt and evolve alongside them. The days of choosing a platform only to find it obsolete years down the line are outdated.
Tessendorf urged insurers to invest the time and effort in finding a partner that demonstrates cultural alignment, product evolution, and financial stability. This strategic choice ensures that insurers are not left behind as the industry continues to transform.
Planning Ahead: The Three-Year Vision
While the future of insurance technology is uncertain, having a vision is crucial. Tessendorf revealed that Sapiens plans three years ahead based on market feedback. By understanding where the market is headed and where customer demands are shifting, Sapiens’ specialised team of insurance experts ensures that their product evolves in sync with the changing landscape. This proactive approach to research and development allows them to stay ahead of the curve and deliver solutions that meet future needs.
Constant Evolution and Customer-Centricity
Tessendorf’s closing remarks echoed the sentiment that success in this ever-changing landscape requires a relentless commitment to pushing clients forward. He emphasised that every second counts, highlighting Sapiens’ dedication to their customers. Senior strategists regularly engage with clients, bringing both international and local expertise to the table. These sessions are a two-way street, where customers provide valuable feedback that guides Sapiens’ evolution.
In this era of constant innovation, the journey is never boring. Tessendorf and his team find excitement in the challenges and opportunities presented by the evolving landscape of insurance technology.
Take outs – The interview with Gary Tessendorf offers a glimpse into the intricate world of insurance technology and its rapid evolution. Collaboration, seamless connections, strategic partnerships, and continuous evolution emerge as the cornerstones of success in this dynamic industry.
As insurers embrace these principles, they position themselves to thrive in an ever-changing landscape, harnessing the power of technology to meet the needs of a rapidly evolving market.