Insurity Connected is an annual client conference that brings together some of insurance’s leadingi tices. This year, the conference took place virtually throughout May. There were a variety of sessions aimed at helping insurance companies effectively meet heightened customer expectations and address changing marketing trends.
Here are three major takeaways from this year’s conference.
1. Technology investments are increasingly strategic
At a session, entitled “Technology Game Changers in the Future of Insurance”, hosted by Sylvester Mathis III, VP of Strategic Accounts at Insurity, and Jeff Goldberg, Executive VP at research and consulting firm Novarica, the speakers discussed how many of the top insurance companies make decisions about investing in technology. The truth is that, regardless of industry, no company can invest in every technology. Organizations make investment decisions based on the technologies that make the most sense for their needs.
When it comes to making technology decisions, one best practice is to evaluate your most critical pain points. What are the issues that are directly impacting your ability to increase revenue, improve policyholder retention, or drive higher customer satisfaction ratings? How is your organization mitigating risk? Decide where you can build solutions or talent in-house, and where you need to partner or invest. Focus your attention on well-designed solutions that drive real, measurable results and enhance your ability to mitigate risk.
2. Customer expectations continue to change
Customer expectations continue to change at a rapid pace. When it comes to the customer experience, your organization isn’t competing against other insurance companies. You’re competing against leaders in customer experience, like Netflix, Amazon, many airlines and other SaaS, internet-based platforms. Customers expect to be able to self-serve across multiple channels when interacting with your organization. Failure to meet these expectations will ultimately lead to policyholder churn as forward-thinking insurance companies are quicker to adopt new innovations.
3. Make the case for technology to avoid falling behind
In the insurance industry in particular, there is a big gap between innovators and laggards. An important part of making sure your organization doesn’t fall behind is making the case for spending on technology. This starts at the top, with needing to change your organization’s overall culture towards innovation. Think about the capabilities your organization needs, rather than the specific technologies. Things like artificial intelligence (AI), internet of things (IOT) and Big Data might be popular buzzwords today – but more important is what the technology can actually do for your organization. What results are you trying to drive?
You should be comparing yourself to other competitors to ask yourself why you should or should not be doing the same thing. Self-analysis is critical for keeping current and competitive whether you adopt specific emerging technologies or not.
At Invoice Cloud, we help insurance organizations achieve real results – like increased policyholder satisfaction and decreased costs – through our simple to use, engaging online payment platform. To learn more about how our SaaS platform can help your organization stay ahead of technology trends, schedule a demo today.