Revamping your business with top-of-the-class insurance technology solutions is pivotal for its growth & for having a free-flowing insurance ecosystem. It can sound daunting, but our certified insurance IT solutions teams, and domain experts will make it a smooth ride. Xangars has in-depth expertise in technology and software engineering in its core DNA, delivering holistic insurance technology solutions and insurance consulting services.

Stay future-focused in the competitive race to launch insurance products faster

Insurtech startups are driving innovation and disruption in the insurance industry. Use the Xangars microservices architecture to bring your insurance products to market faster and scale your efforts in more critical business initiatives.

Xangars enables insurtechs to launch innovative, high-performing products with microservice architecture. With decades of experience in the insurance industry, we understand that traditional monolithic policy administration systems might not fit your unique needs. With a microservice foundation, you can quickly see your creativity through to the end and cut speed-to-market in half.

We are different

• Xangars offers all the policy administration microservices needed to build a completely custom, scalable, and API-centric insurance and service contract platform.
• Xangars is redefining policy administration with insurance microservice technology.
• Carriers, managing general agencies, and program administrators are no longer constrained by their monolithic technology platforms.
• They can now replace costly components, extend, orchestrate, and collaborate with third-party providers to create unique API-centric technology platforms and customer ecosystems to simplify the process of purchasing and managing insurance. Experience decreased costs, reduced time to market, and unlimited opportunities for new revenue.

Future-proof your insurance core systems with microservices.

Launch profitable insurance products in a fraction of the time and on budget. You'll also be prepared for inevitable insurance industry changes with modern software architecture.

ISO Electronic Rating Content (ERCTM) is an excellent solution for insurance carriers —enabling them to save over 35% of the cost and 39% of the overall time spent analyzing and interpreting ISO updates. However, taking advantage of this technology requires companies to move on from old, manual ways of doing business and embrace the new paradigm.

Access our insurance microservices guide.

• An overview of the changing insurance landscape.
• Insurance market pain points that can be alleviated with microservices.
• Driving ROI with microservice architecture.
• An overview of Xangars Insure: microservice-enabled and market-tested policy administration software.

Xangars Insure is a very different kind of policy administration system.

“With microservices and other Insurtech innovations, the insurance industry is now able to rethink how insurance fits into the fabric of our personal and business lives. The ultimate winner will be the customer.”

Xangars Insure is an API-centric policy administration platform built from the ground up on microservice architecture. The platform is deployed in a cloud infrastructure and supports the full policy life cycle process (e.g., submission, rate, quote, refer, bind, ePay, issue, renew, endorse, cancel, reinstate, audit etc.).

Xangars supports all P&C personal and commercial admitted and non-admitted lines of business. Our customers access our microservices through Xangars provided screens or via API calls from their tech platforms.

Since every company has unique policy administration needs, we make our policy life cycle microservices available in three different delivery options:

Xangars Insure Function as a Service (FaaS):

Xangars Insure is an API-centric policy administration platform built from the ground up on microservice architecture. The platform is deployed in a cloud infrastructure and supports the full policy life cycle process (e.g., submission, rate, quote, refer, bind, ePay, issue, renew, endorse, cancel, reinstate, audit etc.).

Xangars supports all P&C personal and commercial admitted and non-admitted lines of business. Our customers access our microservices through Xangars provided screens or via API calls from their tech platforms.

Platform-as-a-Services (PaaS):

This “Xangars Inside” option provides our stateful sales and policy life cycle microservices (accessed through APIs) without the user interface. This option allows your IT team to develop and design the user interface and business flow in-house.

Our sales and policy life cycle microservices are accessed via an XML or JSON request and the return response provides the requested transaction/information. This option allows your IT team (or your digital partners' IT team) to control the project. It reduces the development time and the cost and minimizes project risks as all policy admin functionality and rating content comes pretested and ready to go. Average time to Release Candidate /UAT (your work and our work) 75 days.

Software-as-a-Service (SaaS):

This “total solution” option provides all the needed sales and policy life cycle capabilities (microservices) including the user interface, business flow, required integrations, and reporting database. This option is currently used in consumer portals, broker/agent systems, and full-blown insurance carrier underwriter systems. The average time to Release Candidate (UAT) is 90 days.

Note: These same underlying microservices can also be used in channel partner technology platforms.

Insurance Technology – Moving in the right direction

Roll out insurance products faster and improve the customer experience with state-of-the-art insurance technology.

To succeed in today’s market, insurance companies must evolve their products and meet increasingly sophisticated customer needs. These businesses are turning to technological advancements to reshape their processes, rethink their offerings, and provide an exceptional customer experience.

Several technology trends are expected to have a seismic impact on commercial P&C insurance in the near future. These include:

• Predictive Analytics and AI
• Robotic Process Automation (RPA)
• Microservices
• Use of a Fully Configurable Platform

Predictive Analytics & AI

Insurance companies can collect data from a wide range of sources that were previously unavailable, including IoT and wearables, smart phones, smart homes, and other devices - even online data and social media information can be used for data analytics. This generates valuable insights that are then used to optimize products, services, and brand.

“In addition to reengineering core processes, leading carriers and ecosystem players will use the advent of AI to create products and services based on data and analytics.” (1)

Using data analytics to provide accurate forecasting is set to change insurance as well, by using the data gathered from a variety of sources for ‘what-if” modeling. Insurers can apply future changes across their entire book of business, and measure the effects of different scenarios to improve decision-making.

Predictive analytics can be used by insurance businesses to:

• Improve pricing
• Manage risk
• Anticipate trends
• Improve upselling efforts
• Strengthen brand relationships

Robotic Process Automation (RPA)

Insurance Robotic process automation is the use of low-code, small scripts of code (also known as ‘bots’) that perform simple, repetitive tasks. The value of RPA is that it frees up human workers for higher-level, complex or strategic tasks. In fact, McKinsey estimates that RPA implementation provides 200% ROI within the first year. Another recent study found that successful RPA implementation can help insurance businesses free up 20-30% of capacity. At the same time, RPA significantly reduces human error, which improves the customer experience and reduces organizational risk.

In insurance, RPA can help businesses collect customer information, and auto-fill forms, provide automated follow-up alerts, and flag mismatches or data errors.

Insurance companies rely on a mix of legacy applications and systems. RPA can help link these disparate systems — with minimal coding — so insurers can conduct operations faster, reduce labor costs and explore new areas of business innovation. In fact, Gartner predicts that by 2025, 70% of new applications written by enterprises will use low-code or no-code technologies.

Microservices

Many insurance businesses are bound by the limitations of large-scale, monolithic legacy applications. These are expensive and challenging to maintain, and nearly impossible to integrate with new technologies and applications. The future of insurance is not in building solutions on top of legacy apps, but instead, breaking them down into unbundled, disparate microservices.

Insurance technology that utilizes microservices helps established companies and insurtechs to:

• Use only the services you need to build high-performing products.
• Create unique ecosystems by incorporating third-party and/or partner-provided microservices with your proprietary services.
• Launch innovative insurance products rapidly.
• Enable unrestricted methods to sell insurance products and insurance services: B2C, B2B, Chatbot, channel partner and third-party technology platforms
• Build better customer-facing products: Issue your insurance products with your branding and your unique look and feel.
• Optimize speed and performance: See an increase in application speed and quote delivery by up to 100%.

Use of a Fully Configurable Platform

In the highly-regulated insurance industry, one size does not fit all. Ever-changing regulations, integrating services and technologies and managing all the ongoing insurance product changes make technology investments very risky. Technology that requires customization is problematic, costly, and time-consuming. There is a better way to manage your insurance products - by using a fully-configurable platform.

A fully-configurable insurance platform allows you to rapidly configure all your insurance products and easily maintain them as they change over time. This is all done in a straightforward, non-disruptive environment that is can be mostly be supported by non-technical resources.

Here are just a few examples of what a fully-configurable policy administration platform can do for you.

• Create insurance products (from scratch or from an existing product),
• Create and maintain the product structure and its attributes,
• Manage the states or jurisdictions that you write in
• Manage your insurance product plans and coverages
• Manage rate tables, look up (valid value tables), UI/UX pages and attributes.
• Manage all policy documents and their associated forms.

Insurance Technology and Microservices

Historically, launching niche insurance products from scratch has been problematic for companies as they have had to rely on monolithic software to manage the insurance policy lifecycle. Monolithic systems prevent established insurance companies and insurtechs from using agile methodologies, launching products to market quickly, and avoiding high overhead operating costs.

Future-forward core insurance systems like Xangars Insure utilize microservices to supports the entire quote and policy lifecycle. Using its microservices catalog, companies can choose from a range of specialized applications to find the best functionality for each feature, and ultimately build insurance products to fit any need.