By Jason T. Andrew
The insurance technology cross-pollination continued with the latest Silicon Valley Insurance Accelerator (SVIA) Insurance Disrupted event, held in San Mateo, CA on March 22-23, 2016. Bringing together insurance carriers, agents, brokers, data scientists, and tech innovators, Insurance Disrupted focused on the need for creating a really great customer experience. Historically, insurance processes and systems have been set up to cater to the distribution of insurance and not to the end user. As the market continues to transform to digital platforms, it’s easier and now required for the customer to be able to interact with insurance businesses as they are deciding on insurance products during enrollment.
“We are at the tipping point where InsurTech is the game changer within our industry; the basic core functions of insurance are being completely reimagined. It’s an opportunity for insurers to improve what they are offering to today’s consumer, to better meet their needs.” –Dave Dias, InsuranceThought Leadership.com
With technology transformation at the center of conversations and speaker panels, it was a confirmation of the clear need to have interconnected systems. There are many different platforms being created that use data, analytics, and mobile applications to make insurance easier to understand and that are simplifying business processes. How do we create a more connected environment to leverage the large amounts of data we have at our fingertips? How do we use the data to create a really great customer experience? How do we create an economy of sharing between all the different systems and distribution channels?
The big aha – There’s no doubt that a significant shift is happening with every part of insurance. Each piece of the process is being turned upside down and re-examined to answer questions like: Is this customer service experience seamless and easily accessible? Does the customer have the right information, when they need it, from any point of access? Are there backend process efficiencies to be gained that will save time and money? As events like Insurance Disrupted grow in attendance, it’s clear that these are the conversations and happenings that are necessary to breed this creative mix, bring a diverse industry together, and drive breakthrough shifts.