The complexity of insurance policies and the often-deferred, if ever realized, benefit for the end user have traditionally meant that insurance is a product that is sold and not bought. But, as consumer preferences and buying behaviors change, insurance providers must be prepared to move toward a middle ground, aligning distribution strategies to meet the modern customer at the desired point of purchase.
Becoming Remarkable - lessons for insurance from retail
March 29, 2022 | By: Mary Clare Riordan
Today, your business is only as good as your customers’ last great experience with you. Business competition has grown from direct competitors to any brand your customer interacts with - regardless of industry or vertical. As soon as your customer has had a wonderful experience at a department store, a restaurant, a bank, or even a grocery store, they will begin to have heightened expectations for all places they choose to spend their time and money. So if you’re an insurer who is not focused on delighting, connecting with, and having more meaningful interactions with consumers, you risk not only lost revenue, but also lost customers.
Takeaways from DIGIN 2021: Experimenting is not an option – it’s a necessity
December 13, 2021 | By: Jocelyn Getson
I had the pleasure of attending last week’s in-person (!) Digital Insurance event in San Diego. It was wonderful to close out the year by seeing, meeting, and learning from some of the best of the best in the industry.
Leveraging Disruptive Technologies in Support of Innovation
November 10, 2021 | By: Jocelyn Getson
Top Three Takeaways from ITC 2021
October 13, 2021 | By: Bill Suneson
Last week’s InsureTech Connect was an event almost two years in the making and one that certainly did not disappoint. With more than 5,000 people attending the show, it could easily be referred to as InsureTech REconnect with the number of familiar friendly faces I saw for the first time in way too long. I, of course, also enjoyed getting to see and meet some new ones while there too!
TransformAble Insurance - bridging the gap between big ideas and operating realities
September 10, 2021 | By: Jocelyn Getson
Today, the insurance industry has more tools and technology available than ever before, — so it’s no surprise that business models and processes are changing quickly. Staying relevant is dependent upon meeting rapidly changing customer preferences and differentiating from a growing competitive landscape. Leaders and teams from all organizations must critically look at their business processes to unveil opportunities for digital transformation.
However, while change is clearly inevitable, success is not. In fact, a staggering 70% of digital transformation projects actually fail. In a world that calls for consistent and disruptive change, business leaders don’t need to ask themselves what to do (we know the answer is transform), but how to do it.
COVID-19 One Year Later: Lessons the industry will carry with them post-pandemic
March 30, 2021 | By: Bill Suneson
The world was turned upside down a year ago when the COVID-19 pandemic hit. It went into lockdown, consumers remained quarantined in their homes, and businesses were forced to adapt and change in order to remain above water. As with most other industries, insurance wasn’t immune to the impacts of COVID-19—carriers, agents, and brokers all needed to drastically change their business models in order to continue to meet customer expectations, retain current clients, and attract new ones. Here are 4 trends we have seen emerge from the pandemic that the insurance industry will continue to embrace post-pandemic.
Balancing Act: Customers Demand Both a Digital and Personal Experience
February 16, 2021 | By: Bill Suneson
Prior to the COVID-19 pandemic, independent insurance agents were uniquely placed within the market. Amid a surge of companies looking to disrupt the industry with a focus on technological innovation and end-to-end digital accessibility, independent agents catered to a demographic that valued a more personalized approach.