As insurers learn to adapt to the digital age, the supporting technologies continue to evolve. The ground we are building on is shifting because computing itself is changing, and a new era of computing is upon us.
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?
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.
What side of the digital divide are you on? You’ll find the answer in the new ACORD/Genpact report, Assessing Digital Impact Across Insurer and Channel Operations, which offers insight into the traits that make up either a digital leader or a laggard. It turns out that the great majority of “digital leaders” are those companies that have successfully aligned the back and middle office with the front office.
How smart do insurers have to be to engage customers? Just how much customer data from sources near and far and how much analysis of customer behavior is necessary to create an effective engagement model? The answer may as well be, “How much money are you willing to spend?” Overlooked, however, is the fact that core systems data is actually customer insight lying in plain sight. How can insurers get at it and use it for intelligent engagement? Why must they?
You got the email. “We need to improve our customer experience. Our conversion and retention numbers are down. What can you do?” In fact, you got several emails and briefings from marketing and line-of-business leaders, and you were copied on a complaint from a key producer citing frustrated policyholders. You know what it will take, but how do you explain in a simple and concise way to peers that it will entail a whole new level of integration between your sales, marketing, and core systems?
Like the lives of so many celebrities and reality show families, whose relationships and daily interactions are splashed across our screens, insurers’ views of their customers present the same frustrating dilemma: sometimes they want to reach into the customers’ world and try to help influence decisions. But just like on TV, it seems today’s insurers can look, but aren’t actually touching their customers. True customer engagement continues to evade even the savviest of carriers.
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.
Native CRM and communications module, pre-configured LOB solutions and data integration highlighted
Citing a range of operational strengths, CEB TowerGroup awarded PolicyCore™ a “Best-in-Class” award in its recently released Policy Administration Systems Report.