A new report finds that less than two-thirds of insurers believe their business applications can adequately support the company’s innovation agenda.
Data analytics is an increasingly important part of insurers’ innovation strategy. Unfortunately, insurers across Europe do not believe they have the technology to adequately pursue data analytics. TIA Technology and 2021.AI are partnering to change this.
Copenhagen, Denmark – 18 May 2017. In the insurance industry, companies rise and fall on their ability to assess and manage risk. Over the past few years, a handful of insurers have found great success using data analytics and predictive modelling to minimize risk, and the results have been profitable. As a result, many European insurers would like to adapt data analytics as part of their innovation strategy. However, they find they are challenged by rigid legacy systems that do not effectively support or align with leading data analytics applications.
Partnership for tomorrow’s insurance modelling
TIA Technology, provider of Europe’s leading core-insurance platform, is teaming up with 2021.AI, a Copenhagen-based artificial intelligence and machine learning company. The two companies will combine forces to deliver cost-effective data analytics solutions that work seamlessly with TIA’s core system.
TIA CEO Christian Kromann explains, “The TIA solution is designed with an open architecture to cost-effectively support specialized extensions such as data analytics. By teaming up with 2021.AI we are enabling our customers to leverage a full range of analytics solutions, from machine learning, AI (artificial intelligence), and robotics to automation and business intelligence. These solutions from 2021.AI will deliver valuable insights for managing risks and targeting customers better. This is a good example of how TIA enables insurers’ digital eco-systems.”
2021.AI offers a proprietary technology and algorithm platform that will be integrated with the TIA platform. As a startup, 2021.AI is working to develop strong solutions for key vertical industries, including insurance. 2021.AI CEO Mikael Munck says, “We believe the insurance sector has a critical need for our solutions. TIA is well-established in the insurance industry and known to have extensive insurance-IT expertise. That makes them an ideal partner for us, and we look forward to working together to serve insurers around the world.”
New TIA offerings for data analytics
TIA and 2021.AI will begin by defining new offerings for the TIA platform within the area of AI and Data Science. The AI offering will include such functionalities as fraud detection, assisted decision making, and upsell and cross-sell insurance tooling. The Data Science offering will include customer health, customer lifetime value and churn prevention and remedy. Kromann says, “Together we will provide AI expertise and guidance to key clients, covering business opportunity mapping, AI strategy mapping, and bespoke AI, machine learning and data sciences development.”
By making data analytics applications more accessible and compatible with the core IT system, TIA and 2021.AI are providing insurers with a cost-effective and seamless way to incorporate data analytics into their innovation strategy. “We know that most European insurers see ineffective business applications as one of the biggest barriers to harnessing innovation,” adds Kromann. This is according to a survey by leading independent research and consulting firm, Pierre Audoin Consultants (PAC), of 200 European insurance business and IT executives. “By offering new data-analytics modules, we are working to remove some of these barriers and move insurers closer to realizing their digital potential.”
About TIA Technology
Founded in Copenhagen, Denmark, TIA Technology provides an open, scalable, standard software platform to insurance companies around the world. With over 20 years of software and services experience and 54 customers globally, TIA has deep insight into insurance business processes. They deploy this expertise to help insurers develop differentiating products that engage their customers and support their business strategies and digital transformations. Offering the full scope of expert implementation, application management and hosting services, TIA also ensures their customers keep control of costs, achieve a faster time to market and gain more business value. www.tiatechnology.com.
2021.AI are an ambitious next-generation company focused on maximising business value for our client’s digital transformation based on artificial intelligence. 2021.AI are the WHY and HOW for advanced technology implementation. We use our own technology to achieve a simple and efficient deployment of machine learning and data science, guiding organisations away from processes that rely on legacy technology, disjoint tools and intensive engineering support. 2021.AI is a global company with an agile and open mind-set working seamlessly with our clients. We offer 15+ years’ experience running and executing more than 100 globally sourced projects, following a fail-proof delivery management process focused on delivering clear and measurable business value.