Data management and Automation for complex insurance
Overview
Compounding complexity – why the complex insurance network is so uniquely hard to digitize
A vast range of assets and risks
Insurance spans a wide range of assets, each with unique data, docs, and logic, making automation and standardization difficult.
A wide spectrum of perils
The industry insures against perils like property damage from fire or storm, liability from accidents, business interruption from system failures, and the rising threat of cyberattacks, each requiring tailored data and analytics.
A complex web of organization types
The insurance ecosystem spans carriers, brokers, MGAs, and more, each with distinct roles. Digitization must flex to fit them all.
Roles and processes don’t follow organizational lines
Contracts that delegate operational responsibility make it hard to map brokers, carriers, and partners to fixed workflows.
A deeply international network
Insurance deals often cross borders, currencies, and laws. Systems must support global coordination while respecting local nuance.
An environment in constant motion
None of these challenges stay fixed. Assets, risks, roles, and rules keep evolving. Digitization must adapt to constant change.
Assets & Risks
From tornadoes to container ships, satellites to public health, the complex insurance network spans a wide range of diverse risks, data, and logic.
Can you store it?
In complex insurance there is a staggering variety of data models and formats.
Morphcloud solves this by delivering easy to setup, flexible, relational data models, to store all of an organisation’s data, regardless of data type. Without the overhead of traditional data storage solutions.
Can you intercept it?
In complex insurance, much of the data is networked and passed around in spreadsheets over email, covering things to be insured, policies written, loss runs, claims, minimum rates, and limits.
Morphcloud solves this with the world’s first client-controlled data cleaning, transformation, and onboarding capability to easily digitise every dataset.
Can you enhance it?
In complex insurance, the data clients provide is rarely enough. Third parties supply valuable enhancements that extend the original information.
Morphcloud solves this by enabling third-party services to be delivered directly into users’ datasets, seamlessly integrated where they’re needed.
Can you report on it?
In complex insurance, once data is in a consistent and useful format, the next step is understanding how risks accumulate within a portfolio.
Morphcloud enables this by generating aggregated data alongside the original, ready to be stored wherever it’s needed.
In complex insurance, many contracts include limits across a range of variables.
Morphcloud solves this by turning datasets into services, enabling both accumulated report data and stored contract limits to be queried and included within automations.
Can you calculate it?
In complex insurance, once your data, digital assets, and services are in place, critical decisions, whether to triage, quote, price, or bind, need to be automated.
Morphcloud enables you to seamlessly orchestrate these data and services, empowering you to build robust, scalable automations that streamline decision-making and accelerate time to value.
Can you observe it?
In complex insurance, brokers, underwriters, and other professionals who understand the process, its implications, and who are responsible for communicating the story, need visibility into automation, even if they are not technical.
Morphcloud addresses this by providing unprecedented levels of transparency and observability, empowering the entire workforce to understand and trust automation.
Can you distribute it?
In complex insurance, the placement process is never managed by one team or organisation, but is a complex coordination between many teams, in many organisations, in many geographies.
With Morphcloud, automations don’t exist in isolation. They seamlessly connect across teams and organizations, enabling end-to-end processes to emerge, evolve, and scale with your business.
Can you adapt?
In complex insurance, the industry, as the world it serves, is in constant flux. The industry needs systems that are as adaptable as the pre-digital processes and network it seeks to upgrade.
Morphcloud solves this by delivering every capability required within the most composable framework ever built.
Get started
Try it out or schedule a chat with our specialists.
