BriteCore CEO Phil Reynolds discusses the insurance industry’s movement towards microservices and shares insights on how companies that embrace change and ‘engage the complication’ gain an enormous competitive advantage.

Mr. Reynolds sees many insurers “stuck in legacy systems.” He believes microservices can  provide a path forward and alternative to the “Big Bang Conversion.” He also sees a lot of movement toward the internet of things (IoT), innovations in distribution, underwriting, and rating connected to interconnectivity.  Companies are making sure their systems are in API exposed and deployable in a cloud environment.

While the challenges of mapping current systems to the new environment are present, opportunities exist for carriers that “get their first.” He warns against an  industry that is “governed by a lot if inertia.”

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