The VUE Software team had a great experience at the IASA 2014 Annual Conference and Business Show held in Indianapolis in mid-June. We were a proud sponsor of the Tuesday night event distributing drink tokens to more than 500 attendees that stopped by our booth. We appreciate all of those who stopped by for a chat about VUE Software. And, we’d be remiss if we didn’t acknowledge President Bill Clinton who as the keynote speaker didn’t disappoint. We had a raffle with five lucky guests at the VUE booth won Starbucks gift cards which was a big hit. As always this event had many networking opportunities with record setting numbers for both attendees and exhibitors.
In reflecting upon what we learned in the industry, we identified a number of key takeaways and common themes from the sessions, as well as in our discussions with attendees and other vendor partners.
Core / PAS systems still “hot”
Seems like many insurance carriers are investing in new policy administration, claims, and billing systems. Because of the size of these projects and the number of insurers needing these platforms means that capacity to gain new adopters is limited. In 2013, core system upgrades was a main area of inquiry along with distribution modernization – our sweet spot, allowing us to engage in great conversations with several top tier carriers.
Analytics- The 4 ‘V’s
Analytics forth brings dealing with BIG data, and at the conference this was a BIG topic. When dealing with big data, volume, velocity, variety and veracity are 4 elements to keep in mind. The number one way leaders are making decisions is based on their own personal experience. But the experience is dispersed in many areas of an insurance company which makes decision making more than little disjointed. And, it isn’t uncommon that underwriting might have insight into claims and claims have insight into product management. But how accurate are the informed decisions that are made, based on your organizations experiences? And that raises another question, are analytics being used as a prescriptive or predictive tool? There is no doubt that there has been an increase in analytics and attendant methodologies within the insurance world. Keeping an eye on the basics and internal decision-making is a little understood aspect of analytics.
Marketing and Selling with SoMe
The insurance industry is widely known as being late adopters of technology. And considering the technological complexities that are part and parcel of insurance, it isn’t a surprise that social media (SoMe) has not made huge inroads into most insurance companies. Statics shared in one session showed that in business to business transactions SoMe might have a place with insurance carriers. Did you know that..
90% of CEO’s do not return emails or cold calls
30% of b2b buyers started product research on social media and other online communities
Buyers are 57% through their buying process before engaging with sales people and can do so through these channels
Per LinkedIn in study, 81% are using social media to do research from small to mid-size businesses
According to Avanade, “B2B buyers are shopping at work like they do at home.”
We want to thank IASA and the conference organizers and the insurance professionals in attendance for visiting VUE Software’s booth and telling us the value we provide to the insurance industry. We are already looking forward to next year’s conference.