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ITA Pro Weekly, September 02,2020

Data is like gelato, insurer are confused over CX/UX, Branch Insurance’s plan for national growth, and more…

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Hot off the presses!

Marty Ellingsworth’s recent blog post on how for insurers, big data is like gelato struck a nerve. This week, the Celent analyst is back with a blog post that expands on that analogy, examining how internal insurer dysfunction can prevent organizations from getting a taste of that sweet, sweet data:

“The syndrome spreads across the organizational chart as uncoordinated embedded groups create turf wars over operational verticals (Pricing, Product, UW, Claims, Distribution, Customer Service, Billing, even IT, all have exclusivity on project selection, prioritization, and resourcing). All the while, core IT data, AI, and cloud production skill sets are out of scope to the budding analytic teams. Beware the ‘tiger team emergencies’: they are the death shroud of the syndrome, when full blown resource grabbing upends any progress made in agile business methods adoption.”

 

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.

 

Insurers certainly know that customer and user (CX/UX) experience is an essential part of their digital strategy – but it seems like most just can’t agree on what good CX/UX looks like, according to a new study by Novarica, which looked at trends from 79 insurers across Novarica’s Research Council and Community.

“For insurers, CX/UX is still a new and emerging discipline,” the report states. "There is no clear, unanimous consensus about the ownership or specific scope of CX, with a diversity of opinion about importance, focus, and resourcing. Yet most insurers agree that CX/UX is important, especially when it comes to agents and policyholders and the usability of their respective portals.”

 

Branch Insurance, a Columbus, Ohio-based MGA startup that specializes in simple bundling of homeowners and auto insurance, is on the fast track to expand its reach beyond the five states where it’s currently writing business. Recently in the news for the launch of its new reciprocal insurance exchange, Branch has set its sights on a much bigger footprint. In this week’s Electronic Chat, Branch cofounder and CEO Steve Lekas looks at the company’s plans for the future.

“We will continue to launch exciting and innovative new features for our community over the next year, and will launch in many new states that give Branch greater scale, a benefit we can pass back to members as lower prices…We hope to make a positive impact on people's lives and on society by bringing more of the financially excluded and uninsured into the safety insurance affords through the combination of Branch and SafetyNest.”

 
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