InsurTech—the marriage of insurance and technology—suggests two giants aligning together to create a solution greater than the sum of its parts.
Executive SummaryHippo Insurance, an InsurTech focused on the homeowners insurance market, developed one policy management system that incorporates all the required functionality to operate—including billing, servicing, underwriting, sales, document generation, emails, diary system, notes, etc. Here, Adrian Olariu, the MGA's director of software architecture explains why.
Highly regulated, slow moving and tied to tradition, the home insurance industry seems a perfect candidate for innovative, forward-thinking and rapidly changing technology. Imagining a system that effortlessly supports agents and consumers alike now seems possible and is what motivated the development team at Hippo Insurance to see about making it a reality.
When I took on a role with Hippo to help build out the company’s tech platform to support a better product than what was currently available, I thought we’d find an off-the-shelf service that I could help mold into something we’d use for years to come. After analyzing what was currently available and trying to work within the existing legacy systems, we discovered the reality was, in fact, outdated functionality. The limited capabilities made it difficult for insurance carriers to maintain policies in a cost-effective manner that met regulatory compliance.
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