Plug CLARA Into Your IT Ecosystem
We no longer talk about core insurance systems as “closed” or “open”. Insurtechs, and some legacy providers, have innovated their way around the barriers legacy systems place in the way. Application Programming Interfaces (APIs) have enabled carriers to tap into external data and services that solve a specific problem without having to make major changes to their systems. What carriers possess today, and what Insurtechs are part of are “technology ecosystems.”
In a recent report that highlighted CLARA Analytics, Aite-Novarica, a consultancy, found that:
- “Ecosystems are redefining the insurance systems landscape. Core systems are being extended by point solutions that provide a wide variety of features and functions. This ecosystem approach enables insurers to select solutions that best meet their business and technology needs and build them out over time.
- Carriers have architectural options for ecosystem implementation. Insurers can implement ecosystem point solutions as part of a pre-integrated partner system from core system vendors or through a custom or vended API framework.
- Insurtechs have fueled ecosystem growth while traditional vendors are starting catch up. The rapid expansion of insurtech solutions provides carriers with many options for component capability. However, traditional vendors also offer their solutions more broadly as ecosystem components.
- Investment in ecosystem point solutions is much smaller than a core system, and time to market is relatively fast. Core system implementations can take years and millions of dollars to implement in contrast to the shorter time and lower investment for an ecosystem component. Carriers can implement these point solutions in advance of a core system replacement, during implementation, or after a core system has been implemented.”
CLARA was one of a few insurtechs mentioned in the report because we check all the boxes for what you should look for in an ecosystem component. First, we are SOC-2 compliant which means your data is locked-down safe with us. Next, we are truly plug-and-play. You can interface with us via API or use us as a service your adjusters access separately. The only IT lifting required is establishing a daily data feed from your claim system. Which means we can have your adjusters using our tools with your data within six weeks. Finally, we are a high value-added investment. Within a year many of our clients are earning ROIs north of 500% and all of them beat their hurdle rate by a wide margin.
The trend toward insurance technology ecosystems is accelerating and is not going away. We are dedicated and determined to be the most attractive option in the claim analytics component space. Our analytics work by improving the quality of claim handling decisions. Give us a call to find out more.