“Insurance innovation isn’t just about being new – it’s about being useful!”
BUT HOW? We sit down with Genasys’s VP of Marketing, Ed Halsey, and ask the difficult questions about policy administration software and how insurers, brokers and MGAs can get ahead of their peers and build competitive advantage in a fiercely contested marketplace. From separating meaningful insurance innovation from gimmicks to understanding the real role of policy administration software, we tackle what really matters in modern insurance.
Q: Rightly or wrongly, the insurance industry has a reputation for being slow to change. From your perspective, what’s really holding insurers back?
It’s a mix of legacy technology, regulation, and risk aversion. Many are still working with systems that weren’t built for today’s digital world, which makes adapting to new customer expectations really difficult. On top of that, insurance is heavily regulated, so there’s a natural hesitancy around making changes that could have compliance implications.
In reality, the biggest challenge is often cultural. Many insurers know they need to modernise but don’t know where to start. That’s why we focus on making transformation as easy as possible—small, manageable steps rather than giant leaps.
Q: Everyone’s talking about AI in insurance and how it is going to transform the industry in every direction. Are we in a hype cycle, or is there real impact happening now?
There’s a lot of hype, but there’s also real, practical value—when it’s done right! AI isn’t going to replace underwriters or claims handlers overnight, but it’s already making processes more efficient. For example, we’re seeing AI being used for fraud detection, analysing vast amounts of data to spot anomalies that humans might miss.
Equally, claims no longer need to sit in a queue waiting for manual review. AI can instantaneously assess whether they meet certain criteria for automatic approval, reducing the burden on the customer and potential claim cost creep.
Q: With so much innovation across the Insurtech space, how can buyers, when assessing policy administration software, separate meaningful insurance innovation from gimmicks?
A lot of businesses focus on ‘disrupting’ the industry, but really, insurance innovation isn’t just about being new – it’s about being useful! The most successful examples of digital transformation we see have focused on technology that gives them flexibility, agility and the opportunity to incrementally improve their businesses over time.
✅ Prioritise open architecture, connectivity and workflow customisation.
✅ Seek out policy administration software with a track record for continuous improvement.
✅ Ensure clear upgrade paths to new technology for existing users.
At Genasys, we focus on helping our clients do more, faster. Whether it’s launching a new product, registering a claim, accessing the data they need or processing a renewal – policy administration software should be a driver of efficiency, not a blocker to insurance innovation.
Q: If you could correct one widespread misunderstanding about policy administration systems, what would it be – and why do you think it persists?
I think one of the biggest misconceptions is that policy administration software is merely a standalone back-office system – a necessary but uninspiring tool for managing policies and processing claims. The reality is, modern policy administration platforms are the backbone of innovation in insurance – the foundations on which everything else is built. They don’t just store data; they enable insurers to launch new products quickly, automate complex workflows, and deliver seamless customer experiences.
For years, policy administration software was rigid, monolithic, and slow-moving. Many insurers still associate it with long, expensive implementations and limited flexibility. But the landscape has changed. Today’s platforms are API-driven, highly configurable, and designed to integrate with wider digital ecosystems. Those who recognise this are aligning themselves to the future of insurance.
