What’s on Your List?
Robert Regis Hyle | July 07, 2014
Now that we’ve reached the second half of 2014, it’s time to begin thinking about 2015. The budget season is still a few months out, but it’s important that we take a close examination of what we currently are doing and what we expect to do next year.
More insurers are taking a strategic approach to planning and for many, particularly those in the lower half of the mid-tier, it is an important process because so much is going on around them.
As Richard Welch, vice president of corporate planning for Concord Group, commented in an article on telematics in the June issue of ITA Pro magazine, “For us it’s not a lack of interest; the impediment for us is when you look at our list of top five things we have to do is that number one or is it number five. If it is one, we are ready to jump all over it; if it’s five we have some other things to take care of first. We have to reassess at this point.”
Well now is the time to assess where your company is at and develop that list of five things on the to-do list. If your company is completely strapped by an aging and ineffective policy system, the list likely won’t get beyond that because we’ve all learned the futility of trying to do much of anything current with a system that is anything but.
For those in the envious position of having completed a core system replacement or in the midst of one, the time to push that advantage is upon you. Letting the rest of the competition catch up may land you on the “good guy” list, but won’t win you any points with your customers and the potential customers that are looking for a carrier with the creativity and dexterity to reflect life in 2014, not 2004.
Does that mean more insurers are going to pursue telematics and usage-based insurance? Some carriers may be excited about the possibility and take the plunge, but that is why planning is so important.
Do you see your company competing with Progressive, Allstate, and Geico for personal auto customers? Or do you see yourself carving a niche through your ability to assess and guide your customers in a personal manner?
That vision will be what carriers you through 2015 and beyond. It’s time to think about who you are and where you want to be.
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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.
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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.
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