Deloitte consultants discuss how life & annuity carriers want a platform to improve the new business experience & application process. With Unqork, they provide clients an eApp that does just that.
Deloitte is a valued system integrator (SI) with Unqork. A panel of Deloitte consultants—Kanisha Agarwal, Senior Manager; Alexandra Florescu, Consultant; Justin Freres, Manager; Mradul Kapoor, Manager; Dmitry Satanovsky, Senior Manager; Zach Stevens, Senior Consultant—got together for an interactive Unqork Create 2021 session about the digital transformation and innovation they have been able to provide their life & annuity clients using Unqork.
Zach, who spent most of his career specializing in the L&A space helping clients on both strategy and digital transformation, provides some thoughts before Q&A kicks off. “It can be really difficult for L&A carriers to adapt and grow because they're often saddled with a lot of legacy COBOL-based systems. That's why when I started looking in Unqork, I was really excited by what I saw. It's able to make such a strong impact across the value chain, whether that be standardizing and making your eApps more modern, serving as an underwriting workbench where you can help to streamline that process, or even help with self-servicing.”
"[Unqork is] able to make such a strong impact across the value chain, whether that be standardizing and making your eApps more modern, serving as an underwriting workbench where you can help to streamline that process, or even help with self-servicing.”
Below are some of the panel highlights. Watch the full session to get all the key insights.
What common use cases are seen in the insurance space today? Any implementations that really stand out to you?
“I think Unqork's flexible architecture and robust set of components and features enables us to solve a host of different use cases across the insurance value chain,” Justin explains. “My colleagues and I have built use cases from customer onboarding through the L&A eApplication and submission process.” The primary use cases Justin has seen are digitizing the application process or streamlining the eApplication process that exists today.
Why is Unqork the right tool, especially over other tier-one packages in the insurance space?
Dmitry takes on this question. “Unqork versus conventional development comes down to four things: simplicity, time-to-market, access to talent, and costs.”
“Unqork versus conventional development comes down to four things: simplicity, time-to-market, access to talent, and costs.”
He dives into the specifics of all four points, but his explanation around simplicity and time-to-market sums it up nicely. “With conventional development, there's a lot that needs to be done before you even get started. You need to select a programming language, choose frameworks … stand up a development environment, your hosting environment, which will be more than one—production, QA, UAT, and so forth. You need to stand up your dev ops pipeline so that you can build your applications, and load them in your environments. With Unqork, you have none of that. You can start building and delivering business value right away.”
Deloitte has put together a plethora of accelerators for their clients. Why are these so important?
Mradul talks about how these accelerators are the reason Deloitte can achieve so many successful implementations for their clients. One such accelerator provides advanced analytics for predicting risk. It helps the business to predict which individual customers are most likely to benefit from and qualify for a product or service, ultimately helping to uncover qualified leads.
This only scratches the surface of the value Deloitte is providing their L&A clients with the power of no-code. If you’re a life and annuity carrier interested in undertaking a digital transformation or innovation initiative, watch the full discussion to learn more.