Insurance technology firm BAIS has listed five key questions to help best evaluate potential technology solutions and providers. 

BAIS says it has seen “the good, the bad and the way too painful” implementation of technology solutions over 30 years in the industry. 

When companies have dissociated platforms, BAIS says it can lead to more work for brokers and underwriting agents who are forced to re-key data into the systems that run their company. A large number of companies still have some double entry and time-consuming processes. 

“It is vital all your systems talk nicely to each other,” BAIS says. "Integrity is the key to successful insurance technology solutions”.  

Clients now expect access to real time information and robust quote and pay options, while insurers, underwriting agencies and brokers want to instantly track the status of a client and the policies they hold. 

The demands of dealing with international insurers, multi-currency requirements and reporting are increasing the complexity of the data required.  

BAIS recommends asking the following five questions:  

• Has the scope of the project taken into account the various insurance compliance requirements? 
• Have you stepped through every page/field requiring data to ensure the best user experience and data flows? 
• Do the integrations between the systems you are looking to connect already exist or does someone have to build a connection? 
• How accessible is the whole project team? 
• Have you mapped out the control/reporting requirements? For example, if you are operating an AR model can you control access while still maintaining business oversight?