You have heard a lot – likely an awful lot – about the ways advances in technology are impacting customer experience in the insurance industry: how they drive service beyond what customers expect by adapting with them as their lives change, by managing changes to their plans and policies with ease, and by offering a consistent experience across platforms and interactions. All that’s needed is to tap into it, right? Not so fast, say those in the trenches.
2017 has been a heady year for insurance technology. The widespread embrace of new digital experience solutions, the explosion of interest in AI, and the rapid absorption of new insurtech by mainstream insurers have helped provide extra momentum. It has brought into sharp relief the inextricable relationship between systems of record and systems of engagement and the need for platforms that foster that relationship. Creating just such a platform has been at the heart of EIS Group’s technology approach. For this reason, it is hugely gratifying to find ourselves recognized as a Visionary in Gartner’s “Magic Quadrant for P&C Core Platforms, North America”*, which is “an update of the ‘Magic Quadrant for Property and Casualty Insurance Policy Management Modules, North America’ published in January 2016."
As insurers drive to expand and grow in an increasingly digital marketplace, it is understood that excellent customer service is no longer a standout, but a standard. In the last two years, the number one strategic investment across the insurance industry has been in improving customer engagement. Why so much emphasis?
Few would dispute that in the long history of insurance there has been a disruption in the fundamental process around how carriers acquire, service and maintain their client base that comes anywhere close to the scale we are experiencing today. Insurer business units and their colleagues in IT operations and system development need ways to respond to the challenge. None wish to be caught holding stone chisels in a digital world.
DevOps and the cloud are powering change and delivering business value to insurers, as CSAA Insurance Group discovered via an automated testing environment upgrade and an AWS migration
The value of the cloud means different things to different people. Security, scalability, and rapid provisioning of infrastructure are often mentioned and understood. And then there is software development and IT operations. The mashup of both is called DevOps and it is changing the speed to value equation of technology initiatives and is itself powering cloud adoption. For insurers faced with product complexity and managing large transformations, cloud-based DevOps offers tantalizingly tangible speed to value. And panelists in a session at the IASA 2017 conference explained how it all works and provided a stellar instance of where one insurer realized tremendous value.
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits insurers. The small business market is often viewed as an opportunity attractive to growth-minded insurers because the focus of the majority of carriers is on the larger, highly-competitive end of the market.
Something normal happened during Mardi Gras this year in New Orleans. Amongst all the chaos, a conference broke out. Workplace Benefits Renaissance held its annual event. The meeting draws notable thought leaders and personalities within the industry and, if you were able to resist the revelry in the streets, there were some interesting stories heard and lessons shared.
Think you have heard all you need to know about the benefits of cloud deployment of enterprise solutions? Get ready for more because cloud is finally in season and bearing good fruit for insurers. The latest news is Amazon Web Services (AWS) announcing its financial services competency program to the marketplace, indicating a strong focus by one of the largest cloud providers on an important vertical. EIS is pleased to have been a launch partner for the initiative. So what is the significance of the AWS move? Industry observers were quick to weigh in on how it influences insurers’ choices and approaches for core systems in the cloud.
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On February 2, Groundhog Day, something different happened at the annual LIMRA Enrollment Technology Strategy Seminar (ETSS). For the last three years, EIS Group has sponsored ETSS and each year, the latest approaches and challenges to benefits enrollment are discussed. But just as the venerable Punxsutawney Phil himself is prone to do, each year the attendees see their long shadows – of legacy technology constraints – and withdraw to comfortable, insulated dens rather than embrace an early spring of much-needed change. Not this year. For the first time, the conference coalesced around the root cause of enrollment problems: connectivity.
When the ball dropped on 2017 it opened another pivotal year for digital transition. Some insurers feel poised for digital success. For many others, small gains have been hard won and their positive business impacts quickly muted by a fast-moving business landscape. 2016 compounded their conundrum by exposing the vulnerable underbelly of insurers, Uber-style, to new business models—such as on demand insurance—new entrants, and emerging InsurTech. If all this caught you by surprise, and you have not had time to formulate a response, 2017 is now or never. Sorry, the party will have to wait.