Where do Insurance Technology Firms Play?

I have been noodling about a high-level framework of different types of insurance functionality.

The framework: a portfolio of different types of systems

I believe insurers run their businesses with five major types of systems:

  1. Systems of Record (SoR):  SoR include underwriting, policy administration, billing, and claims. These are the most crucial systems for insurers.
  2. Systems of Engagement (SoE): SoE include CRM, Customer Experience Management (CEM) systems, or Agency Management Systems/Salesforce Automation Systems. Note: Most (all?) insurers have agency management systems but I question how many insurers have CRM systems. I think I know how many insurers have CEM systems.
  3. Systems of Enterprise Applications (SoEA): SoEA include ERM, HCM, SCM, and financial/accounting/regulatory compliance systems.
  4. Systems of Information Governance, Analytics, and Reporting (SoIGAR): SoIGAR include master data management (MDM), data repositories, analytical systems, visualization systems, geo-spatial visualization systems, and reporting systems. For me, this category includes a wide spectrum of data, documents, sound, voice, still pictures, and video.
  5. Systems of Finance and Regulatory Reporting (SoFR): SoFR include systems which enable  insurers to file annual statements, financial reports, and compliance reports to insurance industry, political, or regulatory bodies.

The framework has multiple uses

I use this framework to be able to place a technology firm in one or more of the system areas. The framework is also useful to monitor which system area(s) a technology firm:

  1.  invests all (or most) of its resources
  2. moves into for the first time or invests more resources
  3. obtains enhanced or new solutions through internal development or partnerships
  4. obtains enhanced or new solutions through acquisitions.

What do you think? What system areas am I missing? What other uses do you think this framework would support?

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