West Point Insurance Services has launched a new company, Cognition Business Technologies (CBizTech), with industry partners, Jeff Egglestone and Steve Hudson, formerly of Nascent Blue.
CBizTech has created the industry's first, true, business platform for business professionals, the CBizTech Business Platform for Insurance, which will enable any insurer's business users to produce a fully-operational digital version of the company's entire business model from blueprints to business plan, strategy, and operations.
Via the CBizTech Business Platform, CBizTech will offer a number of services and software solutions, including business intelligence and analytics (BIA), custom software development, legacy system modernization, and digital business transformation.
CBizTech business technology vice president Jeff Egglestone said: "The insurance industry's relentless push towards code-free software development lives on today in a small, but growing and successful, category of 'low-code/no-code' platforms.”
"Although some of these platforms have definitely simplified deployment, programming expertise is still required in order to use such tools for building applications. Together with West Point, CBizTech is blending proven business architecture practices with the latest advances in model-driven software development to produce something truly ground-breaking.
“At CBizTech, we are closing the gap between a sound business idea and its realization until only the formation and expression of the business idea remain. All other steps are automated."
Going forward, West Point will continue to focus on providing traditional software and services solutions to P&C insurance customers, while CBizTech focuses on the delivery of the CBizTech Business Platform, a revolutionary insurance platform designed specifically to enable rapid, complex changes, easy new company stand-ups, carrier conversions, and more.
The CBizTech Business Platform will provide business professionals with the simplest conceptual interface for producing an insurance-specific technology solution with absolutely no manual programming. By empowering users in the insurance lifecycle and freeing them from technical considerations by applying powerful transformations behind the scenes to automatically generate business solutions, CBizTech pushes technology to the background, helping insurers stay focused on insurance instead of writing code or software.
West Point COO John Jerger said: "Today insurance companies have two choices, build or buy.
"Building a solution is hard, and often impossible, because insurance experts are not necessarily tech experts too. And, purchased software often needs to be modified. In either case, this puts a burden on the insurer's IT department, and forces the insurer to take eyes off the ball at an important moment.
“We are looking to take the best elements from both models and roll them into one platform. Business users will be able to customize without immersing themselves in tech to do it."