In today’s fast-paced insurance world, technology isn’t just a nice-to-have. It’s the backbone of our industry. I’ve seen firsthand how stable tech platforms are crucial for our clients. 

When technology works smoothly, it’s invisible. But when it fails? Chaos erupts. Suddenly, every advisor and organization feels the impact. 

Take the recent CrowdStrike outage that impacted industries around the world, including insurance. It emphasized how essential technology has become for business success.  

Similarly, when a major insurtech vendor goes down, its impact is felt swiftly and across the industry. Advisors can’t submit applications. Carriers can’t process them. And consumers can’t get the insurance they need. The whole system grinds to a halt.  

These incidents aren’t just inconvenient. They’re business-stoppers. 

Costly Crashes, Pricey Pauses 

A survey by New Relic shows IT outages cost businesses an average of $5,600 per minute. Ninety-eight percent of organizations state that a single hour of downtime costs them more than $100,000 in lost productivity and revenue. 

You need partners who can weather any storm and provide clear insight into the performance and stability of their technology. You’re building your business on these digital platforms. You can’t afford to work with a company that can’t deliver the technology and uptime your business demands or doesn’t continue to reinvest into their technology. The cost is too high. 

At Hexure, we know our clients build important business processes on our technology, which is why we have made stability a top priority. We are committed to transparency and reliability, which is why we created Hexure’s trust center.  We don’t just talk about how our platform is going to be stable. We show you real time via our trust center. 

We want our clients to know the status of our platform in real time so you can trust that you’ve chosen a partner who takes your business as seriously as you do. 

Anticipate, Adapt, Advance 

No system is perfect. The difference is in how your technology partner prepares for them and how they respond when they occur.  

Any technology company that is properly growing and scaling knows that they will always have to focus and invest in stability.  But, in the last two years, we’ve invested heavily in stability, redundancy and disaster recovery initiatives. We’re continually improving our communication processes to ensure timely status updates and transparency to clients when issues arise.  

This approach isn’t just good for our clients. It’s good for the whole industry. When insurtech companies prioritize stability, it builds trust in digital solutions. It encourages more advisors and carriers to embrace technology, which ultimately leads to a better consumer experience. 

As we move forward, the importance of stable technology will only grow. Insurance isn’t about selling insurance policies in days or weeks anymore. It’s about data, analytics, and instant access to information. That requires rock-solid tech platforms that advisors and carriers can rely on in real time!

by Kevin Pohmer, President, Hexure