The 2024 InsureTech Connect (ITC) conference was truly exhilarating, with key takeaways impacting the insurance industry. Each year, it continues to improve, offering more relevant content, valuable industry connections, and opportunities to delve into emerging technologies.
This year’s event was no exception, showcasing the importance of personalization to the customer, tech-driven relationship management, and AI-driven underwriting processes. The industry is constantly evolving, and ITC displays the alignment of everyone within the insurance industry surrounding the same purpose.
The Road Ahead: Transformative Trends
As I reflect on ITC and my experience, it is evident the progression of the industry is remarkable. Here are a few key takeaways from my perspective that will shape our industry roadmap:
1. Personalization at Scale
We’ve spoken for many years about the need to drive greater personalization across our interactions in our industry. We know that customers engage with companies that demonstrate authentic knowledge of their relationship. This year, we saw great examples of how companies are treating personalization, not as an incremental initiative, but rather embedding it at key moments in the insurance experience, particularly underwriting and claims.
For example, New York Life highlighted how personalization is driving generational loyalty. We’ve been working with industry leading insurers to help drive personalization across the distribution network: carriers to agents and the final policyholder.
Success In Action: Our client wanted to integrate better contact center technology to improve internal processes and allow for personalized, proactive messaging to clients. We implemented Twilio Flex and leveraged its outbound notification capabilities to support customized messaging while also integrating their cloud-based outbound dialer and workforce management suite. The insurer now has optimized agent productivity and agent-customer communication, as well as newfound access to real-time application data across the entire contact center.
2. Holistic, Well-Connected Distribution Network
Insurance has always had a complex distribution network across platforms, partnerships, carriers, agents, producers, and more. Leveraging technology to manage these relationships opens opportunities to gain real-time insights and implement effective strategies, fostering holistic solutions and moving away from point solutions. Managing this complexity and maximizing the value of this network requires a good business and digital transformation strategy.
Our proprietary Envision process has been leading the way to help carriers navigate this complex system with proprietary strategy tools, historical industry data, and best practices.
3. Artificial Intelligence (AI) for Process Automation
Not surprisingly, AI permeated many of the presentations and demos across the session. AI Offers insurers unique decisioning throughout the value chain to create differentiation. It was evident that while we often talk about AI as an overarching technology, the use cases were more point solutions across the insurance value chain. Moreover, AI is not here to replace the human, but rather assist the human. By automating the mundane process activities, mindshare and human capital can be invested toward more value-added activity and critical problems to improve customer experience. Because these point solutions are available across many disparate groups, organizational mandates demand safe and ethical use of AI models.
Our PACE framework provides a holistic approach to responsibly operationalize AI across an organization. It empowers organizations to unlock the benefits of AI while proactively addressing risks.
Our industry continues to evolve in delivering its noble purpose – to protect individual’s and businesses’ property, liability, and financial obligations. Technology is certainly an enabler of this purpose, but transformation must be managed to be effective.
Perficient Is Driving Success and Innovation in Insurance
Want to know the now, new, and next of digital transformation in insurance? Contact us and let us help you meet the challenges of today and seize the opportunities of tomorrow in the insurance industry.
