A man (or woman) is known by the company he (or she) keeps. You probably heard this one from your mom or dad while growing up, but it’s true if you think about it for a minute.

You likely belong to business-specific organizations, where those of like mind can meet, mingle, share information and get questions answered. If you’re in Georgia, you or your company is probably a member of the Technology Association of Georgia, with a membership of 2,000 companies and more than 35,000 individuals.

And if you’re a member of a niche industry such as insurance, you want to seek out those peers and those resources who have experience in your market. Pyramid Solutions has particular expertise in the unique needs of the insurance industry.

Insurance companies today face an ever-increasing number of consumer demands. Consumers want to deal with your company on their terms and in their time. If not, they likely will seek out your competitors.

In addition to fickle consumers, critical and ever-changing demands include seamless access, responsive platforms and adaptive modularity are in critical demand. At the core of all this is your system. A system that has to keep up with the fast pace change of the market and consumers. At Pyramid, we help our insurance company clients existing market share and access new markets through innovative and personalized mobile solutions, flexible portals and real-time intelligence.

It’s not rocket science—until it is

At the core of each industry sits foundational elements such as HR, training, sales, customer service management and more. Many companies also are dealing with digital transformation, the retirement of legacy systems and increasing demands for cybersecurity.

But while companies and industries may share common foundational needs, each industry is different, particularly a highly regulated industry such as insurance. To find success with technology initiatives, insurance companies require a much higher level of due diligence and attention from vendors who truly understand the needs of both the company and the industry.

Every company in high profile verticals such as Insurance, should have Vendors they can trust to execute their jobs with the same seriousness as rocket science. Yes, It is that complicated. In the recent past Volkswagen had $4.3 Billion slapped on them for creating the ‘defeat device’. A piece of software that detects if the car is being analyzed for pollution levels or not and adjusts its fuel, air mixture accordingly. Although this is definitely not engineer error, it shows the power of a few lines of code. The impact? 59 premature deaths, respiratory problems, heart problems leading to death of 50,000 people in the US. It was not fraud; it was physical assault (https://en.wikipedia.org/wiki/Volkswagen_emissions_scandal#Health_consequences).

“If cities were built like software is built, the first woodpecker to come along would level civilization” This is the line going around by developers since software development became an industry. Aggressive timeline’s, employee iteration, a lack of QA, all stemming from a lack of understanding of the level of importance that need to be given for software development. The insurance vertical needs expertise, expertise beyond writing code.

That attention starts at the development phase, with careful planning of the proposed project, its goals, relevant technology to be used, regulatory concerns, architectural decisions and potential security challenges. Due to increased competition, a renewed emphasis is being placed on usability and utility, bringing a higher level of sophistication to technology software and apps aimed at the insurance industry.

You should only use technology vendors who understand and have experience in the insurance industry. A general surgeon may be great at taking out your appendix, but he knows nothing about the intricacies involved with brain surgery. Which doctor do you want to relieve swelling on your brain?

Today, companies face a host of challenges that are unique to their industry. They require targeted, tailored solutions to get past bottlenecks that arise from the pressures of competing in an increasingly connected world.

Pyramid Solutions counts the insurance and finance among the core industries where we work. We know the right questions to ask, the right precautions to take and the framework for success. Our experts can take the hassle out of your next technology project, thus smoothing the way for a successful outcome.

By Rajesh Thampi March 15, 2018
Tags: Industries