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.
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.
LIMRA’s Group and Worksite Benefits Conference was once again a vital and energetic meeting place for the industry. EIS Group has been a premier sponsor for the past three years, and we have had many conversations with talented people who are struggling with the transformation taking place within the industry and how to respond to it with their hard-to-adapt legacy technology.
Where do you get a game plan for a game you have never played?
The St. Louis Cardinals recently got themselves into a scalding pot of legal and ethical hot water for their alleged hack of the Houston Astros database. Baseball pundits speculate that the Cardinals knew exactly what they were looking for, where to find it and the competitive advantage it held for their game plan.
This isn’t the case for many insurers as they undertake core insurance systems replacements, often for the first time in their careers.
“Technology is at war with the insurance industry, but insurance doesn’t know it yet.”
These words by Steve Mariano, CEO of Patriot National, in his keynote at the recent ITA LIVE conference stirred attendees and promoted vigorous discussion and post-event commentary. No doubt his statement was intended to provoke and well it should.
Mariano did not mean that insurers are fighting to implement or utilize technology solutions (although many of those with legacy core systems may feel that way). Instead, his point is that insurers are in a widening battle with technology giants such as Amazon, Google and Apple for their traditional markets. Flush with cash and high market valuations, these technology titans have declared and undeclared interests in parlaying their technology and customer connections into premium margin.
The results are in from our second annual Enrollment Technology Survey, and guess what? There are really no surprises. The results of our survey of LIMRA Enrollment Technology Conference attendees and others didn’t show large differences with our 2014 survey. But, like a tipping point being reached in a slow arch, some small measures give clues to the direction of insurer initiatives in enrollment plans and enrollment technology. And unfortunately, technology infrastructure limitations are still standing in the way of insurers being able to execute their growth strategies.
This year’s Toronto ICTC event was ablaze with early spring optimism as the snow melted outside. The Insurance-Canada.ca team put together a very forward-thinking agenda with the theme of “The Digital Customer Experience.” It brought to town insurance experts and executives ready to explore a broad array of trend topics from geospatial risk management, cyber risk, social data analysis, and telematics to connected home, connected car, and omnichannel solutions.
Last week 85 benefits enrollment and technology professionals braved record levels of snow to make it to Boston, Massachusetts—not to see Tom Brady ride a Duck Boat with the Lombardi trophy, but to attend the LIMRA 2015 Enrollment Technology Seminar.