As we move inexorably forward into a digital future, many companies are giving hefty consideration to how well they’re keeping pace with developing technologies. Overwhelmingly their answer is “Poorly.” Nearly all of those surveyed agreed on the importance of digital transformation; 95 percent say customers and end-users should have truly unique experiences and 80 percent worry about their companies being left behind if they couldn’t. What can we do better? Try a more integrated approach.
Forget “15 minutes could save you 15% on car insurance.” This popular insurance advertising meme makes me want to ask wouldn’t your customers prefer to save not only more time and money, but the effort also? This is precisely the new value that is being achieved with new digital engagement technologies, and customers like it.
Drones, bots, blockchain, AI and machine learning are what everybody is suddenly talking about. Start-ups with cool names like Trov, Slice, Goji and WeSavvy are the talk of the insurance town, yet just a year or two ago core transformation toward becoming a digital insurer was all the rage, and the names of core vendors filled the headlines. Now, it seems like all the cool stuff is happening peripherally to the core and some great examples peppered the lively discussion of Insurtech and next-gen insurance at the recent SMA Summit.
Technology can be both a tool and a tyrant, and the theme of this week’s Insurance-Canada Technology Conference—Technology: A Two-Edged Sword—depicted that reality. If designed, implemented, or used incorrectly, technology can divide and weaken rather than unite and strengthen an insurer’s position in the market. Recognition of this fact is increasing as evidenced in the many conversations that took place at the conference reflecting the need for more unified organizations and unified technology to support them. And the key driving force? The customer.
You and I, and the brotherhood of all consumers, enter 2016 firmly in control of our buying destinies. Since Forrester announced it was the ‘age of the customer’ in 2011, our rise has been meteoric. We are a force awakened; our expectations are high and we are emboldened by our new disruptive power.
My role at EIS Group allows me to attend a lot of industry events throughout the year. Most are focused on technology, innovation, and change, but only a select few deliver the level of value provided by the annual SMA Summit.
I left this year’s Summit with new insights and ideas, so I am sharing my “top 7 takeaways” in this blog.