The following scenario might ring true for some folks in the insurance business: you want to test new industry innovation but cannot because the technology is either incompatible with the legacy system or requires expensive adjustments that may not pay off in the end. These problems can be overcome if you have an environment where you could try new things before making a commitment that requires months of internal organization.
What exactly is this ‘sandbox’ environment that PolicyDock is proposing?
- ‘Sandbox insurance’ is a cloud-based environment for insurers to test new technology
Within this environment, people can see new technology working and how it connects with the rest of the workflow. In this environment, the integration between the new technology and your existing system happens within a few hours, not months. All you need to do to test and integrate the latest technology is send them the APIs.
- It is truly low risk
Innovation teams no longer need to spend months aligning with business units before testing new products. Simply deploy the environment to see how the new technology works alone or alongside its competitors. The potential return-on-investment outweighs the risks of trying because new products can be trialled without dismantling anything in existing legacy systems.
- ‘Sandbox insurance’ exposes innovation teams to the latest tools of the trade
As new insurance technology can be compared side by side, innovation teams can assess their suitability immediately rather than relying on an abstract understanding. Innovation teams will be able to keep abreast of the latest industry developments through this safe environment.
- A ‘sandbox insurance’ environment helps a business make more data driven decision
Modern technology architecture is cloud-based and API-driven because these two technologies provide the speed and security needed for businesses to scale rapidly. By establishing an architecture that allows you to test various types of industry innovation, you make data driven decisions that help pave the way for the organization to transition to a digital world where speed and agility are essential.
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