With $51b in investment into the InsurTech sector in 2023 and rapid digital adoption, the insurance industry is undergoing dramatic transformation. In the middle of this revolution is Acturis, a leading broker management system known for its delivery of efficiency and innovation for the Insurance broking industry.
Acturis has made a name for itself as a BMS (Broker Management System), servicing multiple top UK networks such as Movo, Hedron and many more.
In this article, we’ll be covering Acturis as a BMS, Its recent innovations in 2024 and actionable methods of integration.
Acturis Limited entered the scene with a bang in 2000. Today, Acturis is well-regarded for their insurance software.
From policy administration to compliance, the Acturis system offers a comprehensive solution. With a suite of features like electronic trading, client management, and an intuitive user interface, Acturis not only eases the day-to-day activities of brokers but also enhances their decision-making capabilities.
Acturis offers a cloud-based software platform that is widely used by insurance brokers and insurers across the UK and Europe. The platform integrates several key functionalities that are vital for modern insurance broking, including:
Policy Administration: Helps manage the lifecycle of insurance policies from initiation to renewal, ensuring streamlined operations.
Customer Relationship Management (CRM): The platform includes CRM capabilities, allowing brokers to manage and improve client relationships effectively.
Billing and Claims Management: Streamlines billing processes and claims management, making it easier for brokers to handle financial transactions and claims resolutions efficiently.
Data Analytics and Reporting: Provides tools for analyzing data and generating reports, which can aid brokers in making informed decisions based on accurate and up-to-date information.
Regulatory Compliance: Ensures that brokers remain compliant with the latest regulations through automated updates and compliance tools.
By integrating these functionalities, Acturis helps insurance brokers enhance operational efficiency, improve customer service, and manage regulatory challenges, all within a single platform.
Acturis has remained innovative and relevant in 2024 by introducing “Acturis Predict AI,” an AI and machine learning tool integrated into their existing software-as-a-service (SaaS) platform. This tool is specifically designed to enhance the capabilities of insurance brokers by providing them with advanced analytical insights. Acturis Predict AI includes models for Product Cross-Sell and Propensity to Renew. These models help brokers identify cross-selling opportunities and gauge the likelihood of client renewals, thereby potentially increasing their business retention and growth.
The integration of AI Predict into Acturis’ platform represents a significant investment in digital transformation, aiming to streamline operations and provide actionable insights that brokers can use directly. This approach not only improves efficiency but also helps in making the data-driven decision process more transparent and understandable for users.
For more details, you can visit the original articles on Acturis’ website:
Insurance Today on Acturis AI Predict
Integrating Acturis with both new and legacy systems in an organisation often presents several challenges. These challenges stem from differences in data formats, communication protocols, and the underlying technology of the systems being integrated. Legacy systems, in particular, might not support modern APIs or web services, making direct integration with advanced platforms like Acturis problematic.
One major bottleneck is the data migration and synchronisation between Acturis and existing systems. Data might need to be transformed into formats that Acturis can process, which can be both time-consuming and prone to errors, this can stall operations to the point of impacting revenue.
Additionally, the integration often requires extensive customisation to handle specific workflows or business rules inherent in legacy systems, which can significantly extend project timelines and costs.
Robotic Process Automation (RPA) and Artificial Intelligence (AI) can play pivotal roles in overcoming these integration bottlenecks, this is the method used at Simpli to integrate innovative systems such as Acturis:
Robotic Process Automation (RPA): RPA can automate repetitive tasks that are involved in data migration and system synchronisation without the need for complex coding. For instance, RPA bots can extract data from legacy systems, format it appropriately, and input it into Acturis, bridging the gap between old and new technologies. This not only speeds up the integration process but also reduces the likelihood of human error during data handling.
Artificial Intelligence (AI): AI can enhance integration capabilities by enabling intelligent decision-making and predictive analytics. AI algorithms can analyse data from legacy systems to predict how it should be transformed and processed for optimal use in Acturis. Furthermore, AI can help in understanding and mapping out business logic from legacy systems to Acturis, ensuring that all operational nuances are preserved and enhanced.
Combining RPA and AI: Leveraging both RPA and AI can provide a comprehensive solution for integration challenges. RPA handles the manual, labor-intensive tasks, while AI provides the intelligence layer for handling complex decisions and predictive tasks. This combination can significantly reduce the integration period, lower costs, and enhance overall system functionality.
The integration of Acturis with existing IT infrastructures is crucial for insurance companies looking to leverage digital transformation benefits. By utilising RPA and AI, businesses can mitigate common integration challenges, enhance operational efficiency, and ensure a smoother transition from legacy systems to modern platforms like Acturis. This strategic approach not only addresses technical challenges but also aligns with broader business objectives.
Karina is a digital policy administration worker developed by Simpli Automation, designed to streamline and enhance the operations within insurance companies. As a digital worker, Karina automates routine and complex tasks related to policy administration, such as data entry, policy updates, and compliance checks. This automation helps reduce human error, increase efficiency, and allows human employees to focus on more strategic tasks.
Integrating Karina with Acturis can enhance the capabilities of insurance brokers by bridging the gap between different IT systems, including legacy systems and modern platforms like Acturis.
Karina can serve as an intermediary layer that facilitates data exchange and process automation across these systems. By automating data handling and workflow processes, Karina ensures that data integrity is maintained while speeding up transaction times and reducing operational costs.
For insurance companies looking to integrate Karina with Acturis or other IT systems, Simpli Automation offers customised consultation services. This consultation can include a detailed analysis of the company’s existing IT infrastructure, identification of integration points, and a tailored strategy to deploy Karina effectively. The consultation aims to:
Assess current IT ecosystems: Understand the existing data flows, system capabilities, and business processes to identify the best integration paths.
Customise Karina’s capabilities: Adapt Karina’s features to meet the specific needs of the company, ensuring that the digital worker complements existing systems and enhances overall functionality.
Ensure seamless integration: Focus on minimizing disruption during the integration process while maximising the efficiency gains from deploying Karina alongside systems like Acturis.
Provide ongoing support and optimization: After integration, provide support to address any issues and optimise Karina’s performance to ensure continuous improvement in policy administration processes.
For insurance brokers interested in exploring the integration of Karina with Acturis or other systems, Click here to join the waitlist for Karina.
For further information or relevant questions, our team can support you to identify methods of integrating various systems like Acturis with your existing IT infrastructure.
Michael McGurn (CEO) – mick@simpliautomation.com
Allan Murego (Head of Partnerships) – allan@simpliautomation.com
Ilya Laptev (Head of Growth) – ilya@simpliautomation.com