5 Ways Insurers Can Make 2016 Their Best Year Ever
Posted by Debra Carbone
I usually don’t make New Year’s resolutions – not that I don’t think they’re a good idea, but I try not to wait until a major milestone to do something I think is important. But, recently I came across an article titled “5 Easy Steps to Make 2016 Your Best Year Ever” which I thought was inspiring. While reading it I realized it paired nicely with another topic I had been reading titled “The 5 Insurance Tech Trends You’ll See This Year”.
Besides the fact that they both had the number “5” in the title, the alignment of the two articles goes beyond that. I’ve outlined below how I see them fit together to provide information and inspiration for achieving greater success in 2016.
1. 2016 Tech Trend – Advanced analytics and customer centricity: 2016 Easy Step – Imagine the Possibilities
So according to the article in Property Casualty 360 – the top tech trend for 2016 is advanced analytics and customer centricity. This comes as no big surprise as consumers become more demanding and insurers are tasked with drilling down to see what business lines and services are on the rise. It’s noted that carriers need to change their orientation 180 degrees to focus on external forces rather than just what is happening in-house. That fits nicely with imagine the possibilities – letting go of the things that are limiting your business and taking a look at new opportunities.
2. 2016 Tech Trend – Digitization and portal development: 2016 Easy Step – Get past the past
Insurers are feeling the need to go digital and to have the ability for customers to connect to information through their mobile devices. Today’s consumers are looking to use their phones for all of life’s tasks due to the convenience.
Carriers are having to get past the past by letting go of old methods of doing things and embracing the future of technology that will allow modern approaches. By doing so it allows insurers to align better with consumers and provide the services they want easily.
3. 2016 Tech Trend – Cloud and software as a service: 2016 Easy Step – Define your goals
Streamlining the way technology is run is the future for insurers. Allowing for a simpler infrastructure through cloud and software as a service permits important IT resources to spend their time focused on those items that more directly impacts customers.
Moving to a more streamlined architecture will free IT to focus on further improving the consumer experience with things such as a user interface for both agents and customers.
4. 2016 Tech Trend – Telematics and usage-based insurance: 2016 Easy Step – Identify key motivators
One of the driving forces in auto insurance these days is telematics and usage-based insurance. This new technology lets carriers retrieve information that allows them to charge insurers based on their driving habits improving pricing accuracy. Telematics and usage-based insurance will present some challenges as insurers determine how to best implement it into their business and how to deploy it to customers.
In order to successfully implement this new way of operating, insurers will need to identify the key motivators of how to achieve this goal while defining how technology will improve their business for the long run. It will be important to have a clear vision for implementation efficiency.
5. 2016 Tech Trend – Core modernization and innovation: 2016 Easy Step – Implement the plan
Many insurers still lag behind when it comes to modernizing their key systems. Without having current technology in core applications, it will be hard to implement other new technologies that are becoming the future of the industry. In order to provide the greatest service to consumers, carriers need to have a modern core system that will not bog IT resources down with lots of maintenance, freeing them to focus on other tech issues that can advance the business model.
Implementing new technology such as a core finance and HR enterprise system can seem overwhelming. However, if you take one step at a time to develop your modernization plan, it will make the burden of such an undertaking seem less daunting. Keep your focus on the goal and work one action at a time to achieve your end result. The reward for doing so will mean greater success for your business through smoother processes and happier customers, agents and employees.
Hopefully you’ve been inspired to embark on a journey towards new innovation and making 2016 the best year ever for you and your insurance business. By defining and then achieving your technology goals you will begin on the path to a modern and successful company transformation.