Innovation in technology is being leveraged throughout the entire customer journey. The presenters will focus on solutions that affect both the client experience, the productivity of the agent and the efficiency of the life company. Some InsurTech companies that have developed solutions across the value chain - beginning with front-end solutions to improve the productivity and expertise of agents. These include cloud-based product illustration, advanced sales concept systems, financial calculators, e-applications and e-signature technology. Solutions that improve the efficiency of policy underwriting and issue include automated underwriting systems, expert requirement systems and underwriter workbenches. Finally, solutions that automate inforce policy management and compliance include anti-money laundering AI systems, in-force illustration systems to satisfy annual statement compliance and claims processing systems. There is a race to gain competitive advantage by getting to a digitally transformed future first.
There are a number of ways to accelerate through the digital transformation roadmap:
- Build the systems in house - one at a time as resources allow
- Work with existing partners such as reinsurers and current vendors
- Partner with InsurTechs that specialize in particular tasks
With cloud, SSO and API technologies, it is now easy to create a unified experience while using a combination of the above approaches.
At the conclusion of the session, attendees will be able to make decisions on how to proceed with their company’s digital transformation strategy in relation to customer experience by gaining the knowledge of what solutions are available to them. They will show technology solutions and how the ecosystem of home office/traditional vendors, along with InsurTech start-ups, can shape their digital roadmaps with some real-world examples providing tips and insights.
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