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Melanie Ford-Weir, Senior VP, Business Enablement |
June 5, 2019
How can insurance carriers and agents take advantage of technology innovations to make digitalization a reality, assess new growth opportunities, harness new technologies, transform analytics and positively disrupt the industry? Nearly 2,000 industry leaders discussed these and other topics at last week’s Dig|In conference, in Austin, Texas, produced by Digital Insurance.
It’s no secret that the entire insurance ecosystem is undergoing digital transformation. Leaders of startups, industry pioneers and established leaders all joined in on conversations at Dig|In centered around these issues. It was inspiring and invigorating, to say the least! And customer experience was at the heart of it all.
Intelledox sponsored the Customer Experience (CX) track, which featured distinguished guests from such industry leaders as Mass Mutual, Prudential, The Vault, Security First, Texas Mutual, Cover, The Hartford, MetLife and AIG. Their presentations showcased successful CX strategies for leading carriers, brokers and agents. A few of our takeaways:
Key themes emerged across all the keynotes and concurrent track sessions, themes that underpin the criticality of using digital in the right way to move the industry into the future and elevate the customer experience.
We saw multiple use cases of innovative technologies that help reduce risk, mitigate loss and improve customer service; from kinetic wearable technologies that keep on-premise workers safe, using the Internet of Things for “at time of quote” loss mitigation, to AI-enabled cues for service center agents.
Word Cloud depicting the key themes that emerged across all the keynotes at Dig|in 2019
David Birittieri, head of Policyholder Services for Mass Mutual, alongside Neal Keene from Intelledox, shared a case study demonstrating how the simple digitization of policy and claims forms had an immediate impact to Mass Mutual’s bottom line. Some incredible results:
These are just a few of the compelling examples of digital in action in the industry, transforming customer and agent transactions and vastly improving business operations.
AI was everywhere, but the discussions also touched on the “how” of digital transformation in insurance. Here are some notable takeaways and quotes:
Foster a culture of innovation
Digital transformation requires commitment. It needs top-down support, adequate funding, the right technology, the right people and the right passion for success. It requires agile methodologies, the removal of organization siloes and the adoption of risk-taking.
Create a culture of data
To mature in the digital realm, organizations must shift their thinking from reporting to actionable insights. Leaders need to make better use of data to make business decisions. And that data should be available to everyone in the organization, but integrated into how people work, and used effectively to drive positive change.
Put the customer (and the agent) at the center of everything you do
This means hiring the right people and providing the training and tools to create a culture that understands customer experience. To deliver the right experience, leaders should first take an outcome focus and know the core value customers want. Give customers a safe space to provide real feedback.
Understand the barriers you are creating for customers and agents and quickly address them, so you can win on “ease of doing business,” speakers emphasized. For example, Mass Mutual created a monthly “Ease of Doing Business” meeting that allowed leadership teams across functions to partner with key advisors in service. This enabled the team to share customer feedback, creating internal collaboration that previously did not exist.
In summary, it was an impressive few days. I thought Greg Driscoll, SVP Service Operations and CIO, Penn Mutual summed it up beautifully, “We are an industry of data pioneers and are in the risk acceptance business. We should be at the forefront of anything in the digital realm.”
Find out more about how Intelledox supports insurance transformation and check out some of the demos we showed at Dig|In. If you’re focused on improving your digital CX, let’s talk.
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