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ITA Pro Weekly, October 01,2020

Three steps to advance a digital agenda, learning from a life insurance “concierge,” strategic planning in the “new normal,” and more…

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Hot off the presses!

For P&C Insurers, accelerating their digital transition and increasing their flexibility to the “new normal” are crucial steps to take in these post-COVID times. Barbara Peterfi of Innoveo looks at how property/casualty insurers can advance a strategic digital agenda within their companies to best position themselves for success during COVID and beyond.

“Many P&C Insurers are struggling to keep up with newly emerging customer needs and changing circumstances. By carrying the burden of legacy systems and being a slow adapter of technology, insurers are only putting band-aid solutions on their outdated processes. In this sense, they are losing connection with the largest segment of today’s workforce with the most buying power: the Millennials.”

 

From omnichannel to digital transformation to AI, the InsurTalk podcast from Guidewire brings you expert insights from people who have driven innovation and turned possibilities into realities. Check out the first few episodes, featuring leaders from Aviva Italy, Economical Insurance, WSIB, and Farmers Insurance.

 

The global pandemic has reawakened consumer interest in life insurance, especially among younger people. But these prospective customers are turned off by the industry’s “antiquated” selling and underwriting methods. In this week’s Electronic Chat, Jake Tamarkin, co-founder and CEO of Everyday Life Insurance, describes why his company’s “concierge” approach to life insurance is flipping the script of life insurance sales.

“A traditional life insurance policy looks like a rectangle when you chart it out, because the coverage stays the same for the life of the policy. However, when it comes to basic family protection, most people’s needs look more like a triangle -- sloping downward over time as kids grow up, net worth builds and retirement approaches -- and you can save a ton of money with a triangle coverage plan instead of the rectangle. Bottom line, we sell triangles.”

 

Nearly 7 months after COVID struck, with a realization that we will never go back to “normal,” insurance leaders have a unique opportunity to re-envision their future of insurance. Majesco’s Denise Garth explains how Chief Strategy Officers, Chief Innovation Officers and Chief Customer Experience Officers need to think differently in planning their strategies and priorities for 2021.

“COVID has forever changed how our customers, channels and employees engage -- from quoting and buying to submitting claims. Even as businesses and the economy continue to reopen and recover over the coming months or even years, strategy leaders expect a large part of our business interactions will remain virtual, intensifying a new level of competition around the customer experience. There is no turning back to ‘normal.’ Bold moves that embrace the ‘new normal’ will define the next generation of leaders in the insurance industry.”

 
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