An Emerging Open Insurance Paradigm Shift

Composable-Insurance Marketplaces

Composable-insurance is based on the well-established principles of composability in system design and software development. The idea is simple, instead of locking an insurer into a monolithic core insurance stack with hard-coded integrations, composable insurance optimizes for speed, agility and freedom.

Today, even the simplest insurance service involves a complex orchestration of core systems, transaction processing, decision making, reporting, analytics, authentication, security and beyond. Instead of locking these functions together for dedicated applications and workflows, composable-insurance separates the functions so they can be combined and recombined in new ways to deliver new services and customer experiences. Fully featured digital experiences will almost always require capabilities drawn from multiple platforms.

Re-bundle Insurance

We believe the importance of InsurTech marketplaces will increase significantly in the future as the confluence of cloud computing and process automation will become a new market for insurance innovation.

This research note provides information on this still-early in development paradigm.

A report prepared for and accessible by Open Innovation Lab members