Insurers Recognize the Glass is Half Full
Monique Hesseling | May 17, 2016
Over the last few months, SMA has facilitated regional roundtables for insurers. Attendance was good, food was good, and the conversations were inspirational and passionate. We all kept excellent company, which definitely paid tribute to the "glass half full" part of our industry. And it was interesting to learn that, in such a diverse group of insurers, people were very much in agreement on key topics:
- Be clear about who your customer is.
Many in the industry now consider the policyholder to be the customer and the agent to be the partner (although some specific companies view their agents as 100 percent customer). This increased focus on the policyholder as the primary customer is a significant and important shift. Insurers are just formulating what this really means.
- The customer journey should be at the heart of customer experience strategies.
The key is to create personas—representative customers (individuals and businesses) and their journeys—and then use these personas to educate frontline employees to improve their customer interactions. Utilize the personas throughout the lifecycle, even for training service people. Many insurers are beginning to document the journey maps, but not many are far enough along to either complete the journey mapping process or implement the insights gathered from these.
- All insurers want to move toward omni-channel, in some way.
However, not everyone understands what it is. Everyone wants a seamless feel for the customer, but it’s difficult because this cuts across the enterprise and across many business units and technology systems.
- CRM is more important than ever.
CRM is taking on a renewed role; it will bring some significant efficiencies and improve customer experiences on many levels. It is clear that the current CRM tools and the new business model of managing relationships in the complex insurance world of policyholders and agents are not a good fit.
- Data is the foundation.
Unfortunately, many insurers have a long way to go to leverage it for the customer experience. The focus of data and analytics is still mostly on risk (product, underwriting, and pricing). Many Tier 3 and 4 insurers are not leveraging customer satisfaction survey data for trends or even linking to financial or operational data. Even fewer are leveraging external data related to consumers.
- Data is becoming increasingly critical in operating and managing insurance companies.
Better usage of existing data sources and adding new data sources and analytical capabilities are perceived to be a key competitive differentiator between insurers.
- The insurance industry is advancing.
Regrettably, we’re still way behind other industries. We are moving quickly for insurance, but still slow enough that we’re at risk of losing customer relationships and business. One insurer put it this way: “We are not changing because we want to. We are changing because Google or someone else will take over if we don’t.”
- Emerging technologies require more analysis.
While the IoT, wearables, gamification, and other technologies present interesting opportunities, the general sense is there are still more challenges than opportunities (customer adoption, regulatory, security, data/analytics, etc.).
It is noteworthy that the insurers were positive and optimistic overall, and had a “can do” attitude. Although plenty of challenges were identified, there was general consensus that the issues identified offer a lot of opportunities for our industry. Definitely a "glass half full" crowd.
- ITA Pro Magazine May/June 2019
- Spotlight on the 2019 IASA Conference
- ValueMomentum Selects Erie as Site of Regional Development Center
- Capgemini and Majesco Become Alliance Partners
- Electronic Chat with Dr. Dan Shoham
- Electronic Chat with Todd Greenbaum
- Martha Notaras: The “Outsider” with an Amazing Inside View
- ProSight Direct Offers “Effortless Insurance for Today’s Professional”
- Electronic Chat with Larissa Tosch
- Martha Notaras Will Join ITA LIVE 2019 as a Keynote Speaker
- Five Things to Consider When Evaluating Your Cyber Risk
- ITA Pro Magazine, January/February 2019
- Major Ransomware Attack Could Hit U.S. with $89B In Economic Damages
- ITA Announces 1st of Three Keynote Speakers at ITA LIVE 2019
- Electronic Chat with Jeroen Morrenhof
- Legacy Systems Are Dead. Really? Don't Count On It.
- Now Accepting Nominations for the 2019 ITA Bridge Awards
- It's time to register for ITA LIVE!
- Registration is Now Open for ITA LIVE 2019!
- What to Expect from a Digital Experience Platform Implementation
- ITA Pro Magazine September Edition is Now Available
- It's National IT Professionals Day
- Save the Date for ITA-LIVE 2019
- OneShield Software and UrbanStat Work Together to Improve Real-Time Analytics and Risk Decision-Making
- ITA LIVE 2019 - SAVE THE DATE!
- Insurance Technology Association Announces New Editor-in-Chief
- August 2018 Edition ITA Pro Magazine is Now Available
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Zywave Expands Commercial Content Offering in Flagship Product
- Insurance Technologies Partners with Fiduciary Exchange, LLC (FIDx) to Deliver Seamless Annuity Illustration and e-Application Capabilities in the Envestnet Insurance Exchange Platform
- Equisoft Acquires Grendel Recognized for its Premier Wealth Management CRM Platform
- Distribution Connectivity Options for Insurers Proliferating and Improving, Says Novarica
- Noblr, the New Car Insurance Company, Launches in Colorado
- Mitsubishi Motors North America, Inc. Named OEM of the Year at 2019 TU Auto Awards
- Leading Roadside and Transportation Networks Partner to Transform the Breakdown Experience for Consumers
- Insurers Leveraging Emerging Tech, Analytics, Third-Party Data in Loss Control, Says Novarica
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA LIVE 2019
The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.
ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.
Ride the wave to LIVE 2019. Sign up today! We look forward to seeing you in May, 2019!
BLOGS AND COLUMNS
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... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE