Zero Code, the perfect transformation engine for insurance companies

The platform approaches the process from a business perspective. It makes them transparent and greatly simplifies corporate management from start to finish, thereby enabling a quicker and cheaper adaptation to the aforementioned changes. It deploys a sort of internal laboratory where prototypes can be designed and new products tested with hardly any risk involved. “This empowering is particularly useful for small and medium-sized companies that don’t have their own technology departments”, explains Moisés Piñeiro, Director of SISnet Architecture.

The SISnet core, along with its Zero Code paradigm, can support full life-cycle processes: from defining coverage and rates to designing the process to take out the policies, as well as renewing and modifying terms and conditions. Moreover, it also takes on the processing of receipts, payments and non-payments, the sending of reports to the authorised institutions under any national legislation, while also making own marketing possible, as well as that through brokers and banks.

The platform serves as the base of the puzzle. Supported by the SISnet ecosystem, the client then configures it with other process personalisation parts. “This adaptive flexibility is vital”, adds Piñeiro. “The system understands the product in the same way the company does, because there are no two parties that understand the same product in the same way.”

- The platform is constantly evolving in terms of both capacity and functionality. Developmentally speaking it has now reached version 12.

- It has completed 30 implementations in five different countries.

- Its own university has trained over 600 certified professionals.

- This year it will be further strengthened with the Marketplace SISnet Store to expand configuration content.

Insurance companies operate in a sector reputed for its consolidated stability given the nature of its products and the solid legal framework that regulates them. But nothing lasts for ever in the world of economy. Indeed, this very market segment is currently immersed in a process of changes that involve taking on new challenges, as indicated in this sector forum (i).

What are the winds of change that can account for such a radical turnaround? Practically all of them. Especially the emerging of new products and services, ranging from taking out policies online to bespoke insurance options for gadgets and travel, among a host of others. Client profiles and expectations are turning towards personalised products, and a more efficient, not to say, demanding, relationship. Sector competition is imposing operating cost reductions, and to complicate even more the challenge, new companies, popularly known as insurtechs are breaking into the market, thereby adding further pressure.

Naturally the result of all this is that: traditional insurance companies are finding themselves having to evolve to adapt to this nigh on re-establishing of the market, from the corporate culture to understand the context to the new business processes and, most importantly, the specialist technological core capable of securing the transformation and turning it into a competitive factor.

To a great extent, insurance company technology has always depended on programming. Even the slightest product detail required a code. Consequently, companies depended on their technology departments for any development or new functionality. And so it has been for decades now. That is, until the current paradigm shift. This has put paid to the way things were done owing to innovations like Zero Code, the methodology on which the Prosegur AVOS SISnet insurance company core is based, which is (ii) defined on the company website as “flexible technology for integrated insurance company management, the use of which is mere child’s play”. 

Indeed, the key lies in the said metaphor. Basically SISnet provides requisite elements (insurance company business actions and concepts) as already encapsulated so the company can use them according to how it has configured its products and processes and depending on its goals. In other words, “you don’t have to draw on a code for each one of those endless nuances, rather it defines them as a user on a simplified, user-friendly interface that requires very little technological knowledge or experience. It’s like choosing and putting together the pieces of a jigsaw”, explains Elena Zueco, Head of Consulting at SISnet.

For instance: to modify an actuarial age, even using a smooth, low-code model, you have to access the policy, pick up the insured party and calculate his or her age, whereas on SISnet this variable already exists and defines the value.

SISnet can enhance productivity, reduce errors, technology costs and time-to-market; implement a non-invasive platform, compatible with existing systems, providing immediate functionality; redirect employees to added-value tasks, thereby improving their motivation.

But, most importantly, it is user-friendly technology free from technological complexities. According to Zueco, the always updated external service, “enables the company to focus on business intelligence and to control own processes to adjust and fine tune them”. All of the foregoing serves to convert the platform “into the digital transformation engine the companies both want and need”.

 

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