It’s no secret that insurers must transform their organizations to compete in the experience-driven digital economy, with its new and evolving ecosystems. What is less well-understood is the fundamental technology shift required to reach prospective customers with updated products leveraging new partners and data while building engagement with existing customers.
A key theme at LIMRA’s recent Group and Worksite Benefits Conference was how carriers could adapt to the disruption swirling about the insurance industry in the form of new entrants, market forces, customer expectations, products, and processes. What are the impacts on the benefits sector?
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Since health care reform and the explosion of voluntary benefits, the group benefits market underwent dramatic disruption. That disruption hasn’t slowed since, and in many ways has only grown stronger. This has opened the door to a lot of opportunity that has yet to be taken advantage of.
A very similar, consistent theme emerged in sessions throughout LIMRA’s recent Enrollment Tech conference. Insurance companies want to be at a place where all communication is API driven, especially when it comes to enrollment communication with enrollment vendors. This message was very evident in the presentation by Prudential and ADP that kicked off the conference, in the presentation by Maxwell Healthcare and EIS Group, and in other sessions.
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.