SISnet Store, on-demand innovation for the insurance market

Moisés Piñeiro, Director of Architecture at SISnet, cites the example of a hypothetical case of a healthcare company aspiring to enter a totally different market such as the automotive or travel sectors. Starting from scratch, it would take several months to define a competitive product, with quality of service and relatively controlled risk. However, thanks to the features of the SISnet Store, you can now download immediately from already configured rules such as basic fare calculation based on age, licence type, vehicle age and many others.

The service is also useful for streamlining or reconfiguring other more generic processes, such as portfolio renewal. “SISnet Store can offer content that covers practically all the casuistry, all the variables, so that the process is guided with little manual work, except for direct contact with the customer. By freeing people from complex technologies such as programming, it allows them to concentrate their talents on value-added tasks and business intelligence”, explains Piñeiro.

The emergence of increasingly sophisticated and efficient technological solutions has been revolutionising the insurance industry in recent years. This is the case of SISnet Store, an innovative catalogue of downloadable parts that can be used to develop new products much more quickly and securely.

It is worth starting with the integration framework to understand how it works and the wide-ranging possibilities offered by this pioneering innovation on the market: the SISnet platform, developed by Prosegur AVOS, in its most recent version to date, version 12.

We are talking about a series of technological resources based on Zero Code and grouped together to form a genuine content ecosystem that is increasingly broad and open to all actors in the sector. By using it, companies will avoid having to programme every last detail of a product's design from scratch. Simply browse through an assortment of pre-configured packages, select the most suitable for your needs, download, install and start profiling.

In other words, it is a very flexible alternative to the traditional product development model in the sector. It is not just a technological but also a cultural paradigm shift.

“Companies find it difficult to make the leap to enter a new market or innovate products because it is complicated”, added Zueco. “However, the combination of SISnet and a SISnet Store with much more specific content offers them a controlled and secure environment for testing or experimenting with different models and parameters”.

Store has therefore been conceived as a marketplace that continually strengthens and improves itself, and which will also enhance its functionality with an online "office" for companies to add customer services and for end customers to consult all the information on their policies and movements. A world of possibilities at the service of a sector that is always on the lookout for new tools to continue transforming itself.

The arrival of the Store constitutes a leap forward in the development of this model. Let's say that the SISnet base offers small pieces or configuration packages that each company assembles to design a customised product. And SISnet Store complements this with more extensive configuration packages, such as larger pieces to "finish the puzzle" much sooner, with less investment of time, technical and human resources.

“This capability is particularly useful for companies, especially small and medium-sized ones that lack sufficient technological capabilities, in a rapidly changing market”, explains Elena Zueco, Head of Consulting SISnet. For example, when a company decides to go into a different line of insurance in which it has no experience. Or whenever, in order to compete with the growing presence of insurtech, it is necessary to develop a system of on-demand online policies that can be accessed in a few clicks. Companies would download the pre-configured pieces to establish the basis of that new process, and from there add smaller pieces to customise it with the tariffs, coverages or clauses that suit their business.

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Another disruptive functionality of this space for selling technology solutions on demand is that it nurtures an ecosystem of collaboration, cooperative creation and content aggregation. In addition to Prosegur AVOS, commercial partners and other players such as integrators, developers, consultants, companies and even individuals are expected to incorporate their own developments to create an increasingly complete and versatile catalogue. In the medium term, everything from a complete business process manager to mini-workshop templates or formulation flows will be available. The possibilities are endless.

“We believe it will be of particular interest to SISnet users when it begins to incorporate content generators —explains Piñeiro—. We are still working on the licensing part, which content can be paid for or not, but it will certainly stimulate the development of new services and business models. The important thing is that all members of this community will benefit and insurers will be able to deal with processes that were previously out of their reach”.