Appsure: Combining Modularity with InsurTech Agility
Mark Hutson, Managing Director
The insurance industry has had front row tickets to the gradual adoption of machine learning technology to boost the profitability of insurance products. Moreover, enterprises are looking for component-based products that can be assembled and customized, providing a more flexible and personalized fit to customers’ changing needs. Sydney-based Appsure provides a high-quality insurance platform that is flexible, efficient to set up, and supports insurers looking for a solution to help them to modularize insurance products and adapt quickly to rapidly changing customer needs. The platform can handle a wide range of general insurance product lines, from specialty products to bizpacks, travel insurance, and life insurance, including retail and group.
Appsure was founded in South Africa in 2012 and initially partnered with a large, direct call center-based insurer to provide a solution that enables the rapid creation of innovative insurance products, disrupting traditional insurance lines. Today, the product has evolved into a complete digital solution that allows insurers to customize product functionalities through its micro decision service architectures. Consequently, Appsure provides the insurer with a tool to setup and adjust product features that precisely address clients’ needs. More importantly, the company enables a mechanism of bringing product features to the market in a fraction of time and cost compared to legacy solutions.
Appsure utilizes disruptive technologies such as micro decision service architectures, digital decisioning and machine learning to outperform larger competitors hampered by their legacy architecture. As a result, Appsure boasts the ability to develop, test, and deploy revolutionary products in days rather than weeks.
“Our use of decision modeling supports product definition, innovation, traceability, and agility,” states Mark Hutson, managing director of Appsure. In addition, digital decisions can be leveraged to support the industry’s increased and ever-changing compliance burden, allowing Appsure to stay ahead of all compliance demands and help maintain strong accountability and data governance.
Since AI and STP are business-critical technologies that clients struggle with, Appsure provides an ideal automated platform for innovation with plugged-indecisioning tools, machine learning, OCR, and other third-party solutions. “The inherent modularity and services featured in the platform make this possible,” adds Hutson. Interestingly, digital decisioning allows Appsure products to be agile, open, and transparent. As each product can be driven by CI/CD, the impact of policy innovation on customers and the company’s profitability can be determined instantaneously, allowing Appsure products to evolve quickly and more consistently than its competitors. In addition, the Appsure solution can be understood and maintained by business users, not just developers or data scientists. This means that an insurance product’s automated implementation and business documentation can be combined into one artifact. Appsure products can incorporate machine learning models in all aspects of policy implementation, from profitability projections to risk assessment and customer lifecycle management.
For instance, Integrity appointed Appsure to partner with them to develop and implement the Integrity Life Platform. The challenge was to provide a flexible, headless policy admin solution that would be deployed in the Azure cloud. The platform required the consolidation of all Integrity’s systems to scale and enable the rapid deployment of new products across different channels. Appsure catalyzed the launch of Integrity’s Retail, Five+, Term Life, and Group products. It functions as the core system of record for the Integrity Life Platform. Furthermore, it documents and manages the complete life cycle of insurance processes, including application, underwriting, amendments, renewals, and more. Also, the platform incorporates automated letter generation, debit order, and payment services and claims, as well as offering complete integration support with Integrity’s data platform to enable real-time reporting.
Finally, the platform explicitly expresses data dependencies, business objectives, and KPIs of all automated decisions. This means that profitability reports are traceably dependent on prevailing market data supporting the keystone of compliance legislation such as IFRS-17. Furthermore, the modular design allows machine learning models to use IFRS-17 metrics such as the contractual service margin to predict customer profitability.
Across all such engagements and collaborations, Appsure always ensures to provide a sophisticated and mature platform to its clients. “Our point of difference is the willingness to partner with our clients to do something special,” asserts Hutson. The firm prefers working as a team with a selected number of clients rather than trying to be an off-the-shelf solution for everybody. Appsure has already successfully established itself in Australia, and the company is now aiming to expand into APAC and globally.
Description Appsure is a client-centric digital-first solution provider. With over 20 years of experience in the financial service technology sector, Appsure takes care of everything from point of sale, administration, and financial reporting.The company utilizes disruptive technologies such as micro decision service architectures, digital decisioning and machine learningto outperform larger competitors hampered by their legacy architecture.As a result, Appsure boasts the ability to develop, test, and deploy revolutionary products in days rather than weeks