InsurTech INSTANDA has partnered with management consultancy Capco to accelerate the digital transformation in the insurance industry.

INSTANDA, which provides a customer and policy management platform, will provide Capco with its proprietary cloud-based digital insurance software to support client transformation needs.

The move comes as increased competition and the impact of COVID-19 have increased demand for technology that enhances customer journeys and mitigates the challenges posed by regulatory change.

In a statement, the companies pointed to the “abrupt and profound impacts” arising from the pandemic, and said the pressures it has placed on the insurance industry have prompted firms to explore new platform options when reviewing future technology needs.

Matt Hutchins, partner and insurance lead at Capco, said: “The pandemic and its associated impacts have forced insurers to reflect on how their operations might be improved through the acceleration of their digital transformation plans.

“Streamlining their businesses, reducing cost and improving customer experience are all key priorities - but other challenges are also coming down the line that will require flexible, cost-effective and open architectures with integrated data analytics, for example Open Finance," he continued, adding: "Such architectures are critical to generate the right insights and support the push to hyper-personalisation of products and services for customers.”

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