In 1996, NIS started with the aim of ‘redefining the travel insurance industry through technology’. How have you achieved this goal?
As a pioneer in travel insurance software, we have been on the leading edge of technological advancement in the industry for over two decades. Our core platform has changed and evolved over the years as we have continuously introduced new solutions to our customers and helped shape the way travel insurance policies are sold and serviced across the world. From early innovations like being the first software company with a globalised (multi-currency, multi-language) platform, to recent solutions such as introducing usage-based insurance (UBI) schemes and claims automation, we have continued to support our customers, our industry, and ultimately millions of travelers across the globe.
Do you think the Covid-19 pandemic has brought about an increased interest and investment in insurtech products?
Yes, eventually the Covid-19 pandemic will lead to an increase in technological investment. Covid-19 was a landscape-changing event for the travel industry, forcing companies to re-evaluate their existing business models both to survive and to best position themselves to recover post-pandemic. How companies recover will be driven by their technology strategy, and we believe that systems and technological partners can help provide solutions that will accelerate this process and provide the industry with the flexibility to anticipate and react to the next major event that arises.
How does being part of the Arcturis group benefit NIS and its customers?
NIS has thrived since joining the Acturis Group, thanks to the support we receive from Acturis and the other member companies. We now have access to a broader resource pool, including people, capital and experience, which has allowed us to invest in our business more than ever before. We have experienced considerable growth since joining the Group and we look forward to continuing our expansion into new markets and customer segments in the years to come.
What’s next on the horizon of insurance software development? How much farther can boundaries be pushed?
I believe we are entering a critical time for insurance software development, specifically in the travel and health industries. We have seen early insurtech innovations (AI and machine learning, claims automation, digital transformation, etc.) start to be implemented by travel insurers, and we believe this will be a continuing trend as other personal lines innovations are re-defined for use within the travel industry. Some changes to be on the lookout for will be broader adoption of usage-based insurance products, automated underwriting and enhanced digitisation of health data and customer processes.
How has digital claims administration transformed the travel insurance sector?
Digital claims administration and automation in general have drastically changed the travel insurance industry. The obvious improvements are the operational efficiencies that companies have experienced, however the trickle-down effect of this towards consumers has had an equal, if not greater impact, to the industry. Digitisation has created a more frictionless relationship between insurers and insureds, which has led to greater increase of insured travellers worldwide. Travel insurance is easier to purchase than ever before, and due to the simplification of claims processes policies and benefits are easier to understand, easier to claim on, and are increasingly being adopted by previously un-insured or under-insured travelers.
Regulations such as the General Data Protection Regulation (GDPR), and the exit of Britain from the European Union, have undoubtedly affected the international insurance marketplace. How have you dealt with the challenges of the last few years to ensure the ongoing quality and security of your systems?
We make it a priority to ensure that our customers are safe and secure in using our software products, even amidst an increasingly complicated global regulatory and information security environment. We do our best to monitor changes in our customer markets and react as quickly as possible; we published an entirely new version of our core platform in early 2018 in response to GDPR, and are continuously monitoring further industry implications of the recent Brexit decision and will respond where required. Regarding infrastructure and security, we have chosen to work with Microsoft ’s Azure cloud infrastructure and have been a certified Microsoft Azure partner for a number of years – we believe partnering with industry leaders such as Microsoft creates an added layer of security for our customers who have chosen NIS as their operating platform of choice.
Combining legacy systems and new startup operations can be daunting; how can NIS help insurers that are working to combine old data and beginning travel insurance operations in a new country/jurisdiction?
When we bring on new customers, we are typically replacing legacy systems, so thankfully we have a lot of experience and have specifically designed processes and tools to help simplify what is normally a complicated and costly task. Starting from the time we initially engage with new customers, we follow a carefully articulated plan to ensure that when our customers choose to partner with us, they are not just investing in a new software platform, but that they are also working with an experienced team who will help them achieve their goals as an organisation.