By David Hampton, CEO BAIS insurance technology
Technology solutions can have a habit of sounding a little like gobbledegook, or at least be quite overwhelming. So, for all your car people out there, this article drives through the complexity and parks neatly, to give you a clearer view of how iBAIS, the insurance system from BAIS insurance technology, is the insurtech’s ideal co-driver.
Cars have evolved over the past hundred years from the Model T to the latest Tesla. Some things haven’t changed from then to now. Every car has had a chassis, wheels, steering wheel and an engine. However, there have been numerous improvements from anti-lock brakes to advanced safety systems and electric engines.
Insurance has been driving a similar road for centuries. We still utilise double entry accounting, commission, trust accounting and the fundamentals of insurance – policies and claims. New insurtech firms are all looking to innovate different elements of the driving experience and find new roads to drive on.
iBAIS can handle the most complicated of insurance policies and products, such as multiple locations, insurers, States, currencies, all wrapped together in one drive train. The value goes beyond the pure technology. The mechanics at BAIS are a rare breed, they are exceptionally well versed in insurance and technology and build an extremely robust insurance chassis.
Cars require fuel, as do technology systems. For us, that fuel is data, and we are experienced in making sure the fuel boosts performance.
Have you ever put diesel in a petrol engine? Never a good outcome. We’ve handled multiple migrations and transfers. The debits must equal the credits in our world and this offers a high degree of integrity – there’s no combining of fuels that don’t mix or the complexity of having multiple engines driving the car at the same time – unlike many insurance systems that have to run concurrently after a migration or make people double enter data to keep them running.
In short, iBAIS is an excellent, state-of-the-art chassis for running core insurance business. The central elements of insurance policy administration are likely to be similar for many years to come. This makes us a perfect partner for a new insurtech looking to ‘pimp its ride’ but needing a truly robust chassis.
Our partnership with claims management technology experts, Wilbur, is an excellent example of this in action. It gives the car owner a complete view of their race data, in real time, to improve driving performance.
So, if you are an insurtech, or tech house, that specialises in the front-end, customer experience, CRMs etc then let’s go for a test drive and see if we can develop the next Grand Prix winner.
If you are not a car buff, call us and we can take you for a walk through the nuts and bolts and discuss technology and insurance in as much depth as you need.