Innovative Insurance IT Solutions: Accelerate Your Business Growth
At Ascend we deliver advanced technology solutions tailored for the Insurance Industry. With over 20 years of expertise, we are your trusted IT Solutions partner in modernizing infrastructure and expanding capabilities efficiently.
The Digital Transformation Challenge: Keeping Pace in the Insurance Industry
CIOs face three core challenges in today’s rapidly evolving technological landscape:
- Outdated IT infrastructure hampering growth and operational efficiency
- Rising costs of in-house IT teams and resources
- Difficulty finding reliable partners who understand the insurance ecosystem
Despite these challenges, the industry recognizes the critical importance of technological advancement. A report from the Insurance Information Institute states that 90% of insurers believe digital transformation is essential for their future success, indicating a strong consensus on the need for technological integration.
The Impact on Insurance Operations
Reduced competitiveness in a digital-first market
Inefficient business processes leading to higher operational costs
Inability to meet evolving policyholder expectations
Increased vulnerability to catastrophe risk and cybersecurity threats
Struggle to implement data-driven decision-making and advanced analytics
The Solution: Ascend’s Tailored Insurance IT Solutions
Traditional technology solutions often fall short, lacking industry-specific knowledge or being too costly for insurers. What they need is a partner who combines deep insurance expertise with cost-effective IT solutions.
Nearshore IT Outsourcing for Insurance
Access high-quality insurance IT solutions and services at lower costs from our teams in Mexico and Latin America. Our nearshore model bridges the gap between quality and affordability, providing you with top-tier talent at competitive rates. A recent Deloitte study found that 60% of companies are shifting towards nearshore outsourcing, recognizing its benefits in enhancing operational efficiency and reducing costs.
Comprehensive End-to-End Insurance Software Solutions
From policy administration modernization to claims management optimization, we provide integrated solutions. Our holistic approach ensures that all aspects of your insurance technology ecosystem are optimized for peak performance.
Industry-Specific Expertise in P&C and Life Insurance
Leverage our 20+ years of specialized industry expertise. Our deep understanding of insurance processes and regulations allows us to deliver personalized solutions that are technologically advanced, compliant and industry-relevant.
Features and Benefits: Streamlining Your Insurance Operations
1. Cost-Efficient Nearshore Teams
Achieve significant savings without compromising on quality
Our Latin American teams offer top-tier skills at competitive rates
Reduce IT costs by up to 40% while maintaining or improving service quality
2. Tailored Insurance Technology Solutions
Get exactly what your insurance business needs, no more, no less
We create customized IT strategies aligned with your goals
Improve operational efficiency and reduce wastage on unnecessary IT spend
3. Scalable Insurance IT Resources
Easily adapt to changing business processes
Our flexible outsourcing model allows you to scale up or down quickly
Respond rapidly to market changes and seasonal demands without long-term commitments
4. Industry-Specific Knowledge for Insurers
Work with a team that understands your insurance ecosystem
Our experts grasp the unique IT challenges in insurance
Faster implementation of solutions that are compliant and tailored to insurance workflows
5. Reliable Support and Maintenance
Ensure smooth insurance operations with dedicated assistance
Receive ongoing support and consultation tailored to your business
Minimize downtime and resolve issues quickly, maintaining business continuity
Success Stories: Driving Growth for Insurance Organizations
At Ascend, we don’t just talk about results – we deliver them. Here are five case studies that showcase how our tailored IT solutions have transformed insurance operations.
Powering Progress in Workers’ Compensation Insurance
Read how our IT solutions streamlined operations for a top Workers’ Compensation Insurance provider, fostering significant growth and efficiency.
Digital Revolution in P&C Insurance
See how a major P&C insurer modernized, expanded, and excelled in today’s competitive market through strategic digital transformation.
Nearshore Impact on Insurance QA
Discover how nearshore QA services revolutionized testing for a major insurer, enhancing reliability and efficiency across multiple product lines.
Transforming Workers’ Comp and P&C Insurance Operations
Explore how innovative IT solutions enhanced profitability, expanded market reach, and set new industry standards in service and technology for a major insurer.
Multi-Insurance IT Makeover: A Success Story
Learn how tailored IT solutions drove innovation and customer satisfaction for a leading Multi-line Insurance Provider.
Streamline Operations, Enhance Customer Experience
Our Expertise: Comprehensive Insurance IT Services
At Ascend, we offer a suite of technology services tailored for the insurance industry:
Software Testing & QA for Insurance Applications
Ensure flawless performance with our rigorous testing methodologies. We identify and eliminate bugs before they impact your operations.
IT Staffing for Insurance Companies
Expand and enhance your IT team with our expert staffing solutions. We provide skilled professionals who seamlessly integrate with your existing team.
Data Analytics and Testing for Insurers
Enhance your decision-making capabilities with precise, reliable data. Our data testing services ensure the accuracy and integrity of your information systems.
Application Management Services for Insurance Software
Optimize your insurance applications with our comprehensive management services. We ensure your software runs smoothly, efficiently, and securely
Our Technology Stack
At Ascend, we leverage cutting-edge technologies to deliver superior solutions.
Who We Serve
Our services and solutions are designed for:
Chief Information Officers (CIOs) in US insurance companies
IT leaders looking to modernize their insurance technology infrastructure
Insurance executives seeking cost-effective ways to expand IT capabilities
Companies aiming to stay competitive in the digital insurance landscape
Ascend is a leading provider of IT solutions for the insurance industry. With over two decades of experience, we help insurers to leverage technology for growth and innovation.
Our journey began with a vision to redefine IT services for the insurance sector. Today, we stand as pioneers in nearshore IT outsourcing, connecting US firms with top-tier IT talent in Latin America. Our commitment to excellence, innovation, and collaborative success has been the cornerstone of our growth and the success of our insurance clients.
About Your Insurance Technology Partner
Frequently Asked Questions
What technology is used in the insurance industry?
Insurance companies use a wide range of technologies, including AI, machine learning, cloud computing, big data analytics, and blockchain.
What is the insurance technology landscape in 2024?
In 2024, insurtech focuses on AI-driven underwriting, personalized policies, IoT for risk assessment, and blockchain for secure transactions.
Can insurance be automated?
Yes, many insurance processes can be automated, including claims processing, policy issuance, and customer service through chatbots and AI.
How is AI being used in insurance?
AI is used for risk assessment, fraud detection, claims processing, and personalized customer experiences in insurance.
What is insurance software?
Insurance software includes policy management systems, claims processing tools, customer relationship management (CRM) systems, and data analytics platforms.
Why is information technology important in insurance?
IT enhances operational efficiency, improves risk assessment, enables data-driven decisions, and enhances customer experiences in insurance.
What data do insurance companies use?
Insurance companies use demographic data, claims history, credit scores, health records, and IoT data for risk assessment and pricing.
What is new in the insurance industry?
Recent innovations include usage-based insurance, on-demand coverage, AI-driven underwriting, and blockchain for smart contracts.
What estimating software do insurance companies use?
Insurance companies often use specialized software like Xactimate, Symbility, or in-house developed tools for estimating claims.
What is information technology in insurance?
IT in insurance encompasses all digital tools and systems used to manage policies, process claims, analyze risks, and serve customers.
What are the technologies for insurance claims?
Claims technologies include AI for fraud detection, image recognition for damage assessment, and automated processing systems.
How is the computer used in insurance?
Computers are essential for data processing, risk modeling, policy management, claims handling, and customer relationship management in insurance.
What is the role of ICT in the insurance industry?
ICT (Information and Communication Technology) facilitates data management, communication, and process automation in the insurance sector.
How much do insurance companies spend on information technology?
On average, insurance companies spend 3-4% of their revenue on IT, though this can vary widely based on company size and focus.
What is RegTech in insurance?
RegTech uses technology to enhance regulatory processes, ensuring compliance with insurance industry regulations more efficiently.
How does insurance tech work?
InsurTech leverages digital technologies to innovate traditional insurance models, improving efficiency, accuracy, and customer experience.
What does ICT mean in insurance?
ICT in insurance refers to Information and Communication Technology, which encompasses all digital tools used in the industry.
What does ECM mean in insurance?
ECM stands for Enterprise Content Management, a system for organizing and storing an insurance company’s documents and data.
What is IAM in insurance?
IAM, or Identity and Access Management, ensures secure and appropriate access to insurance systems and data.
What is insure software?
Insure software refers to specialized programs designed for insurance operations, including policy management and claims processing.
What is technology risk in insurance?
Technology risk in insurance includes cybersecurity threats, data breaches, system failures, and the challenges of implementing new technologies.
How does insurance software work?
Insurance software automates core processes like policy issuance, premium calculation, claims processing, and customer data management.
How is technology disrupting the insurance industry?
Technology is enabling new business models, improving risk assessment, enhancing customer experiences, and streamlining operations in insurance.
What is the biggest threat to the insurance industry?
Major threats include cybersecurity risks, rapidly changing customer expectations, and disruption from InsurTech startups.
What are the biggest cyber threats to insurance companies?
Key cyber threats include data breaches, ransomware attacks, and social engineering scams targeting sensitive customer information.
What are the technological trends shaping the insurance industry?
Trends include AI-driven underwriting, blockchain for secure transactions, IoT for real-time risk assessment, and cloud computing for scalability.
Why is the insurance industry struggling?
Challenges include adapting to rapid technological change, meeting evolving customer expectations, and navigating complex regulatory environments.
What is the digital transformation of the insurance industry?
Digital transformation involves adopting new technologies to improve operations, enhance customer experiences, and create new business models.
What is the impact of digital technology on insurance?
Digital technology is revolutionizing product design, distribution channels, underwriting processes, and customer interactions in insurance.
How is the latest technology transforming the world of insurance?
Latest technologies are enabling more accurate risk assessment, personalized policies, faster claims processing, and improved fraud detection.
How does information technology affect the insurance industry?
IT enhances operational efficiency, enables data-driven decision-making, improves customer service, and facilitates new product development.
What is digitalization in insurance?
Digitalization involves integrating digital technologies into all areas of insurance business, fundamentally changing how companies operate and deliver value.
How is AI used in insurance?
AI is used for automated underwriting, claims processing, fraud detection, customer service chatbots, and personalized policy recommendations.
What is SAP in the insurance industry?
SAP provides enterprise software solutions for managing various aspects of insurance operations, including finance, HR, and customer relations.
What does SAP ERP stand for?
SAP ERP stands for SAP Enterprise Resource Planning, a comprehensive business management software.
What does SAP stand for in the IT field?
SAP stands for Systems, Applications, and Products in Data Processing.
What is SAP called now?
SAP is still called SAP, but its cloud platform is now known as SAP Business Technology Platform.
What are the two types of SAP?
The two main types are SAP ERP for large enterprises and SAP Business One for small to medium-sized businesses.
What is SAP software used for?
SAP software is used for managing business operations and customer relations across various industries, including insurance.
Who does SAP stand for?
SAP stands for Systemanalyse und Programmentwicklung (System Analysis and Program Development) in German.
What is SAP reinsurance?
SAP Reinsurance Management is a software solution for managing complex reinsurance processes in the insurance industry.
What is the difference between SAP and GAAP?
SAP (Statutory Accounting Principles) is used by insurance regulators, while GAAP (Generally Accepted Accounting Principles) is used for financial reporting.
Do insurance companies follow GAAP?
Many insurance companies use both SAP for regulatory reporting and GAAP for financial statements.
What is SAP long for?
SAP stands for Systems, Applications, and Products in Data Processing.
What is SAP and who can do it?
SAP is enterprise software for business management. It can be implemented by companies of various sizes across different industries.
What does SAP do and why is it important?
SAP provides integrated management of business processes, offering real-time data and insights crucial for efficient business operations.
Ready to Transform Your Insurance IT?
Don’t let outdated technology hold your insurance business back. Partner with Ascend for innovative, cost-effective IT solutions tailored to your company’s needs.