Aquarium celebrates ten years of leading in tech, at TINtech
Aquarium Software will once again be an exhibitor and sponsor at this year’s TINtech expo at The Grand Connaught Rooms, London, on 14 June.
The company has now been at the forefront of delivering technology solutions to the travel, pet and warranty insurance sector for the last decade, marking its ten year anniversary at this year’s show, Aquarium reflects on some of the main changes in the insurance industry since its incorporation in 2006 – social media (SM), mobile uptake, customer journey management, fraud detection, multimodal communications and mass personalisation - and looks forward at some of the challenges and solutions predicted for the industry over the next ten years.
"We are eager to share our experiences with other insurance professionals and at the same time listen to what the sector want from their technology platforms in the future. Over the last ten years, we’ve worked with many insurance companies and have gathered an unrivalled insight into our clients’ industry and their individual needs," said Mark Colonnese, Sales and Marketing Director at Aquarium.
Refined cloud computing really took off in 2008 and is not only one of the mainstays of global insurance technology it also underpins the Aquarium platform. Over the past decade, there has been a remarkable shift from a volume market approach to ‘mass personalisation’ in all sectors. Having the right technology solution allows insurers to understand each customer like never before and offer them the products they need through the channel they want and at a price that’s right.
“Many in the insurance industry expect increased regulatory intervention over the coming years,” adds Colonnese. “a truly agile platform like ours can be quickly adapted to meet these ever-changing and emerging regulations,” he asserts.
The emergence and growth of mobile applications has had a huge impact on the sector. The overwhelming majority of the adult population access services from a smartphone with an increased expectation to consume services on the move. Mobile has fuelled the need for quick access to data and information and Aquarium has been at the forefront of providing its clients with stand-out mobile solutions.
“The take up of SM has meant that insurers need agile and fully-integrated systems,” continues Colonnese. “Ten years ago nearly all contact made to insurers was by telephone. Now 35% of all interactions are digital with this % only going one way. Research finds that the majority of Generation Y customers prefer to communicate via SM, yet less than half of insurers still do not have the right software to seamlessly deal with this. In the next five years, we expect to see a significant increase in the use of multimodal communication channels, especially by the upcoming post-millennial customer,” he concludes.
TINtech is the insurance network technology conference attended by the UK’s industry leading technology strategists. The conference focuses on how increased connectivity, enhanced data analytics, automation and digital customer interaction can deliver profitable growth and competitive advantage within the insurance