1. Workaround applications such as customer relationship management or document management systems can plug the gap of a true SoE
I constantly advocate to my clients that you need the right tools for the right job. Marketing and document management systems are great for document generation but don't do a good job of managing the messaging or data transport when systems talk to each other.
A true SoE offers connectivity and integration from a people, process, technology, and transformation perspective.
People: Everyone works from a single system rather than jumping around multiple applications depending on work type, line of business, and sometimes the writing company.
Process: The value of a system orchestrator that connects underlying applications, legacy systems, third-party applications, insurtechs, and portals cannot be underestimated. It paves the way for the added value of automated data extraction, third-party data enrichment, automated statement of values processing, embedded analytics, and business rules engines and can accommodate the ever-increasing landscape of sophisticated solutions from insurtechs.
Technology: An orchestrator wraps around underlying systems and manages the various systems integrations and interactions that happen behind the scenes during complex insurance processing using the latest application programming interfaces.
Transformation: A system orchestrator can evolve an insurance company from a manual, analog way of working to a digital model. Each underwriting transformation is unique, and insurers are at different stages of their transformation journeys. A true SoE provides the modularity and connectivity to transform specific pain points in an insurer's underwriting operation.