It’s a topic we’ve all been talking about for years, but in this session from LIVEFEST 2018 North America on ‘Digital Transformation – Urgent or Too Late?’ a panel ranging from startup founders to tech consultants asks; what is the role of the established carrier in the future world? While carriers have seen some positive transformational results, can they now fundamentally change what they have been doing for hundreds of years, and what is the role of solutions being found by new companies that are responding to digital consumers disrupting and reshaping expectations of insurance?
Quotes from the panel, chaired by Gary Plotkin, US Head of Insurance Management Consulting, KPMG:
Thomas Harrington, Senior Director, Industry Principal – Insurance, Pegasystems: “Digital is inexorably linked with engagement, you can’t have one without the other, but insurers are still measuring themselves on traditional KPI’s that to many consumers are largely irrelevant and drive little value to them. Relevance is the new ROI for the industry.”
Jeff Berezny, Head of Global Product & Marketing, Trōv: “The way we look at insurance is that consumer behaviour used to be linear, and insurance policies were built with that in mind, but we know that that’s not the way people live today, so there is a diverse set of risks as people go through their technology-enabled day, and their expectations of insurance are radically different.”
Marissa Buckley, Vice President, Marketing and Brand Experience, Security First Insurance: “At the core of a successful digital transformation is what you say about yourself as a company, it is very critical for companies to evolve and become more relevant, not only to succeed and survive disruption, but also to recruit the talent to build thriving strong teams.”
Dustin Yoder, CEO, Sureify: “It’s really about anywhere anyway distribution, the holy grail is once you take your digital stack to a point it is about API enabled and asking where are your consumers buying, and let’s go there. I recently had a baby and I think Amazon understood where I was in that process better than me in some cases, just as an example!”