Last month Insurity attended the Insurance Accounting & Systems Association’s annual conference, IASA 2019, where insurance professionals gathered to discuss the latest in the industry-wide journey towards digital transformation. Held this year in Phoenix, Insurity had a large presence at the show, participating in several panel discussions on important topics around digital transformation and improving policy administration systems.
To kick-off the first day, I led a panel about the evolution of digital platforms with Bob Evans of Orchid Insurance and Ram Veeramani of Everest Insurance. The session highlighted the advantage of deploying modern insurance platforms flexible enough to adapt in an industry that’s becoming increasingly dynamic. The future of the insurance industry is being defined right now, and the way companies run today will almost certainly not be the same just a few years down the road.
Insurity also hosted a “Digital Transformation Tour” at the booth to discuss the value of becoming a digital insurer, and how it as much a cultural shift as it is a technological one. This resonated with the audience as repeatable tasks are increasingly automated, machines begin talking like people, transactions are happening through SMS, and paper trails become a thing of the past.
To cut through the hype of emerging technologies such as blockchain, AI, and Internet of Things, insurers must be laser-focused on becoming unified in their digital strategy and must use technology to simplify operations. A significant benefit of digitization is the ability to automate and organize processes to free-up mindshare, letting insurance professionals get back to what’s important—ensuring peace of mind.
Insurers must have a core system that opens their company to an ecosystem of new opportunities to improve customer experience and expand into niche markets never previously attainable without modern data capture and processing capabilities. As such, Insurity’s digital platform is the key to connecting insurers with customers on a human level with a technical advantage.
I also participated in an AMBestTV live broadcast that broached the importance of data capture and processing as it relates to insurers’ policy administration systems, particularly when it comes to turning third-party data into actionable insights. Data is important in every industry, but especially for insurance, because it unlocks the ability to transform organizations from the antiquated “policy view” to a “customer view”, fundamentally changing the way they can interact with policyholders.
At last year’s IASA show, our CIO, Jonathan Victor, also spoke with AMBestTV about adopting new technologies in the cloud. Cloud technology continues to be a true digital facilitator because of its agility, flexibility, and low-touch IT attributes that match with modern insurance company aspirations. Insurers can’t be change-oriented and focused on routinely updating their products when they are bogged down with server maintenance and responsible for managing infrastructure. Insurity continues to be the cloud leader in insurance with the most cloud deployments in the industry.
IASA 2019 once again presented a unique opportunity for insurance leaders from different segments of the industry to connect and discuss ways they can collaborate to deliver innovative experiences for consumers. Digital transformation and cloud computing are arguably the two most pivotal components of a successful insurance company, and we are proud to be at the helm of insurtech innovation.