Any time we bring together a big group of clients, partners, and industry experts to discuss what’s on their minds, everyone learns a lot. That was the case again at Connected 2019, Insurity’s annual user conference.
At this year’s event in Atlanta at the end of March, the agenda spanned strategic innovation, digital transformation, data and analytics, and cloud hosting for insurers. Discussions at Connected 2019 focused primarily on carriers’ needs: achieving flexibility and autonomy, streamlining business operations, and improving the customer experience.
Here are some of the highlights of this year’s learnings:
Digital transformation is central to insurance innovation and opens new capabilities to streamline operations and improve customer experiences. One of the steepest challenges for insurers is bridging the gap between their IT and business departments.
A topic at Connected 2019 was how insurers can build more clearly-defined and consistent digital strategies that they can measure and manage. Jeff Goldberg, senior vice president of Novarica, held a terrific session, “Digital Benchmarks for Insurers Across the Enterprise,” which explored best practices for shaping digital strategies and benchmarks for tracking successful digital projects across the industry. By providing a structured, quantifiable way to assess digital initiatives at milestones, an insurer can align the IT and business sides at every stage.
Richard Natale, senior analyst at Gartner, explored the catalyst of digital transformation—the customer perspective. His session, “Enhancing the Customer Experience”, showed how modern consumers are more empowered and informed in their choices and decision-making. The session also suggested that insurers’ digital experiences must match consumers’ expectations.
A panel discussion, “Digital Insurer of the Future,” examined firsthand experiences of Insurity clients. The panel featured Ellen Carney, principal analyst at Forrester; Bob Evans, vice president of software solutions and architecture at Orchid Insurance; Ram Veeramani, vice president of technology services at Everest Insurance; and John Przedpelski, executive vice president of Innovisk Capital Partners, discussing how Insurity’s platform can power digital initiatives.
On the first day of Connected 2019, we also held executive roundtables with some of our clients and partners that focused on the digital customer experience now and in the future. Participants included: Brent Rineck, CIO of ABD Insurance & Financial Services; Jonathan Silverman, director of worldwide insurance services and solutions for Microsoft; Larissa Tosch, CIO of the Glatfelter Insurance Group; Matthew Yeshin, managing director of Marsh Canada; and Robert Pick, senior vice president of Philadelphia Insurance Companies.
Data and Analytics
Novarica’s Jeff Goldberg continued to share his knowledge in “Being a Great Data Strategist: Analytics in Action,” explaining that many insurers are dealing with the challenges of diverse core systems, little data integration, and limited agreement on what data assets mean. In the session, Jeff said carriers should develop a comprehensive data strategy that looks across the entire organization, at people, process, and technology.
With Insurity’s Valen Analytics, the “Data in Action” session focused on turning data into actionable intelligence. That requires a holistic approach to putting predictive analytics into practice from strategy to implementation and answering important business questions to drive measurable outcomes.
A key focus of Connected 2019 was leveraging the cloud through software as a service (SaaS). Karen Furtado, partner at Strategy Meets Action, held a session on cloud migration strategies with Insurity CIO Jonathan Victor, “Cloud Migration Strategy: Key Issues and Best Practices,” which explored the inflection points that trigger the cloud hosting decision and insurers’ advantages in using a hosted cloud environment.
Karen and Jonathan discussed the benefits of the cloud, including the freedom from managing and upgrading IT infrastructure, additional flexibility in tailoring products based on user feedback, and easy upgrading of software solutions. The cloud boosts agility, scalability, and security across the board.
Insurity is proud to host the annual Connected conference to help clients remain on the leading edge of digital innovation. We’re humbled by the overwhelmingly positive feedback delivered via our live app survey during the event, and we are already excited about Connected 2020. Please save the date and plan to join us April 27-29 in Dallas!
Below are three demonstrations from Connected 2020:
1. Using APIs in DigitalXperience Studio Designer in a low code/no-code environment:
2. Automated Policy quoting via integrated APIs in a low code/no code environment:
3. An agent mobile app – policy administration and quoting through APIs: