To borrow a line from InsureTech Connect’s closing act by Salt-n-Pepa on October 3, 2018, in Las Vegas, it’s time to “Push It,” insurance industry! Of course, I am referring to boundaries, investments, partnerships, and the ability to open your mind. Insurance carriers across the globe are struggling with the need to change—change being a very broad term.
We are seeing change in the form of upgraded technologies. Carriers are improving their technology stack and are eliminating legacy systems where possible. They are changing the way they do business and are trying new distribution channels. Digitization and digital transformation are happening at every corner of the industry. Carriers are using more data and are trying their hands at analytics so that they can reach a new target audience or underwrite in a better, more streamlined and data-driven fashion. Carriers are changing how they interact with customers and prospects alike and are trying to understand how consumers want to be communicated with. So much change can be overwhelming and can stall the transformation strategies carriers have put in place.
So how does Salt-n-Pepa’s famous song “Push It” come into play, you ask? Well, it’s more about InsureTech Connect and bringing the world of potential change into one major event for all to see. InsureTech Connect is the end-all and be-all of technology, tools, and services to help any insurance carrier meet its transformation strategies. Every vendor or service provider that has a tool to support the insurance industry will be present at this event. It covers a wide range of product support (life insurance, annuities, P&C insurance, and health insurance) and a wide range of categories (claims, underwriting, distribution, payments, internet of things, and analytics to name a few). You’ll have the opportunity to see many of these firms on stage or exhibiting to give you an overview of how they can help you change. A few examples of firms you can expect to see include the following:
- YouSurance is using the science of epigenetics to replace traditional life insurance underwriting with the analysis of saliva to provide a faster, more efficient, and accurate longevity prediction.
- Ingo Money enables insurance companies and third-party administrators to instantly and securely disburse digital funds to more than 4.5 billion consumer debit, credit, prepaid, or online wallet accounts.
- Sureify enables insurers to digitally engage with their policyholders via web, mobile, and various personal health and device data sources to drive customer loyalty, brand recognition, and better customer experience.
- Atidot enables carriers to perform constant analysis of data on their policyholders via technology based on big data and predictive analytics customized for life insurance and trained on live life insurance data, in addition to offering custom-built predictive models, prebuilt/out‐of‐the‐box predictive models, and machine learning/artificial intelligence (AI) tools for creating/updating predictive models for all insurance carriers.
- Carpe Data provides next-generation data solutions to insurance companies by leveraging social media, online content, and other forms of alternative data, thus enabling insurers to gain deeper insight into risks and to significantly enhance many aspects of the insurance life cycle.
- Benekiva is a technology platform bridging the gap between life insurance policies and their intended beneficiaries by claims automation, beneficiary management, and asset retention via a cloud-based, blockchain-backed, and AI-driven platform.
- Ask Kodiak provides brokers selling commercial insurance with a simple (and totally free) way to search for eligible carrier markets while providing carriers with a digital marketing platform that gives them some unique analytics about what agents and brokers are searching for and some easy-to-use tools to feature their products.
It is no longer about doing it yourself. There is no need to take on these battles alone and spend your precious resources designing and building tools to support this transformation. Come investigate all of the opportunities you have to transform your organization and put the work in the hands of the expert. It’s not too late to join us all at InsureTech Connect, so let’s “Push It” together. Register now or miss the opportunity to make transformation easier on you:.