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The previous parts of our series on microservices presented the functionality of this technology and explained its fundamental advantages. The third part describes some particularly important advantages in more detail. The focus here is on the individual adaptation of the customer experience.
Innovative technologies, in which insurance companies invest hundreds of millions of euros, make completely new applications possible. The focus here is on transmitting data in real time via microservices or similar technologies.
Many well-known Internet companies - such as Amazon, Twitter, Netflix or Uber - have built their platforms with microservices. This technology also offers numerous new opportunities in the insurance sector and can trigger innovations that extend to all areas of the company.
Industrial insurers are facing major problems at the moment. Significantly higher loss ratios and increasingly fierce competition mean that the classic form of insurance is no longer profitable. For this reason, it is necessary to review the existing business models.
The many current project examples of the insurance industry like AI or Chatbots show that it makes no sense to develop the future if to the present day flaws exist. The point is that automated processes can only be as good as the data available to the