AdvantageGo’s Ecosystem: One relationship to manage in a crowded tech market
Taking better-informed underwriting decisions is a common aim for digital transformation projects. Ian Summers, Global Business Leader, explains why the AdvantageGo Ecosystem works towards this goal.
Many insurance technology projects are, to take a broad sweep, headed in the same direction. It’s a common goal of these transformative efforts, that we see across the London and global insurance and reinsurance markets, to make more informed underwriting decisions.
That’s the vision being offered by many of the individual service providers out there, however niche or targeted their application within the broader marketplace, even if the many competing efforts and visions can seem disjointed or disorientating at times.
When assessing the myriad products being pitched to the market, it’s increasingly clear that some hard choices in the name of efficiency are going to be necessary to bring together these specific applications – within a single view or strategy, on budget and delivered to scale.
To use a parallel with the retail home entertainment markets, its inefficient to subscribe to each TV streaming service separately. Netflix or Disney might have an edge on drama or documentaries; Amazon or Now might come top for movies and sports.
It’s time-consuming to manage many such subscriptions, particularly as your needs and appetites change from one season to the next, and it’s certainly expensive to pay for each service individually. Having lots of choice can also mean some hard choices to make.
The AdvantageGo Ecosystem offers one answer to this challenge, firstly, by offering a way to purchase an alliance of technology solutions through a single point of sale. Clients want those best-of-breed components, but would struggle to assemble them. All too often, a change management consultant is hired, but not on an enduring basis. We help manage the web of relationships, and if a problem arises – it’s AvantageGo’s responsibility to manage it. ,
Secondly, by integrating many best-of-breed applications into the architecture and infrastructure of a single platform. This is because the many vendors we work with are not like-for-like competitors of AdvantageGo; they offer different focuses and USPs; by linking them together into one ecosystem we can provide insurance and reinsurance carriers and MGAs with a market-winning whole, greater than the sum of its parts.