The Insurance Accounting & Systems Association (IASA) is a non-profit exclusively dedicated to serving professionals in the insurance industry. For nearly 100 years, they have been a source of trusted knowledge that drives innovation through the practice and alliance of insurance professionals.
Recently, IASA held its 2021 conference — IASA Xchange — in New Orleans. The event focused on education and networking through a number of speaking engagements, exhibits, and more—including sessions from Invoice Cloud’s Director of Partnerships and Financial Services, Angela Abbott.
Since the recent weather emergency kept us from sharing only one of our two planned presentations, we wanted to share the content with you all! Whether or not you were able to make it to this year’s IASA Xchange, we’ve got you covered with a recap and key takeaways from Angela’s two planned sessions.
Embracing Positive Disruption: How Technology is Transforming the Insurance Industry
As technology continues to evolve, consumer experiences continue to change. Our day-to-day lives have been transformed by technology, and more than ever we expect technology to offer unparalleled convenience — including from our insurance providers.
With the bar for consumer experiences set higher than ever, offering a stand-out policyholder experience is critical to every insurer's retention rates. To make matters more urgent, certain insurance providers are excelling by offering some of the best policyholder experiences in the industry.
How are they pulling ahead of traditional insurers? By strategically leveraging technology where policyholders interact with carriers the most: making a premium payment.
Digital disruptors like Hippo, Lemonade, and Jetty are offering simplified process and intuitive, digital experiences for purchasing policies, making claims, and collecting premiums. Leveraging technology to improve these key engagement points provides a number of benefits for both your customers and your organization, including:
- Reduced policyholder churn: Omni-channel payment offerings, timely electronic reminders, and 24/7 access to real-time payment information drive loyalty and dramatically improve customer retention.
- Increased customer satisfaction with personalization: Personalized offerings and communications like text and email reminders keep premiums consistent and reduce canceled policies.
- Improved workflow: Innovative technology can save resources that can be reused like reduced paper waste, annual operational savings, employee efficiency, and smoother collections.
- Ongoing innovation: True Software-as-a-service (SaaS) models deliver the latest functionalities, updates, and security features without additional work on the customer’s end.
If you'd like to see this entire presentation with insurance research firm, Novarica, you can watch the full webinar on-demand just below.
Insights to Attract and Retain Millennial Policyholders
Millennials are the largest generation in North America, with a population of over 72 million. They’re not only the largest, but arguably the most impactful generation when it comes to consumer trends. Considering their significant purchasing power, many industries—including insurance—are striving to modernize practices, experiences, and technologies to meet the Millennial standard.
According to recent research, digital experiences impact Millennial purchasing decisions so much so that 22% of Invoice Cloud survey respondents stated they have switched carriers for better customer experiences or expanded digital offerings and payment methods.
With their ages ranging from mid-20s to earlier 40s, this generation represents a sizeable range when it comes to consumer needs and life experiences. And this generation isn't afraid to look for a carrier that can meet all their expectations.
In fact, nearly 50% of Millennials surveyed plan to switch carriers within the next year.
It’s clear that Millennials are increasingly making up a large proportion of policyholders, so carriers must take Millennial purchasing, payment, and interaction preferences into consideration when deciding how to leverage technology and improve CX.
For more you data on how to retain Millennial policyholders, you can get a free copy of our research report, Keeping Up with Millennial Policyholders, below.
Whether or not you were able to attend the IASA Xchange this year — in person or virtually — we hope these resources prove useful along your journey to digitally transform your insurance organization.