1511: MuleSoft - Exploring Insurance-as-a-Platform Tech

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MuleSoft is a SalesForce company famous for its integration and API platform. It makes it easy to connect data from any system to create connected experiences faster. It also enables insurance companies to modernize legacy systems, bring new products to market faster, and extend distribution channels. I wanted to learn more about how MuleSoft drives digital engagement and transforms the policyholder experience.

Jerome Bugnet Senior Manager, Digital Transformation Solutions at MuleSoft. I invited him on the podcast to explore the world of InsurTech and how the rising expectations from consumers are changing the industry. We talk about re-imagining the insurance ecosystem and what the future of insurance might look like.

Global lockdowns have forced consumers online, and the result is a much more digital-savvy market. As a consequence, consumers have come to expect a much-improved digital experience from their providers. For insurers, this requires urgent investment in the technologies and capabilities that power digital customer journeys, such as analytical tools that can crunch vast sets of customer data to provide a more personalized experience.

Jerome argues that we're at the start of a fundamental shift in the way insurance services are provided. Instead of owning customer relationships, insurers will increasingly offer their services in concert with those from other industries, such as banking and retail. The result is a single, unified experience from the customer's perspective, in which they don't interact with individual providers at all. We already see insurance services bundled in with products such as internet-enabled home security devices: in Jerome's view, this is just the start.

In Jerome's view, the main obstacle to achieving this new business model is that many insurers' IT systems are arranged in departmental silos with compartmentalized processes, limiting their ability to innovate quickly or partner with others.

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