Key Takeaways from IASA: Reform, Analytics, and 3 More Trends in Insurance Technology
The VUE Software team had a great experience at the IASA 2013 Annual Conference and Business Show held at the Gaylord Resort and Convention Center in Washington, DC. We were a proud sponsor of the Tuesday night event featuring Josh Turner, and were happy to distribute drink tokens to the nearly 500 attendees that stopped by our booth. Our Abbott and Costello-inspired video, below, was also a big hit, and we had many entries and one lucky winner for our giveaway of an Apple TV and 1-year Netflix subscription.
In reflecting upon what we learned, 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.
1. Multi-Vendor Solution Partnerships
As more vendors develop specialized systems, increasingly they are coming together to form vendor “ecosystems” that create a comprehensive solution through partnership. Typically a policy administration system is at the core, with other vendors providing complementary functions. This provides a benefit over choosing each piece a la carte, because many times vendors have pre-negotiated their terms of partnership, which brings economies and a streamlined approach to project management for the insurer.
2. Uncertainty Around Healthcare Reform
The deadline for the opening of health insurance exchanges is fast approaching, but that doesn’t mean that things are much clearer for insurers. We picked up on much uncertainty from carriers on how they will handle billing, commissions, licensing, and more when selling through exchanges. Many are crossing their fingers for a delay in the deadline to give them more time to figure things out.
3.Core Systems: Here to Stay
In the words of one attendee, “Core systems are still hot.” The size of these projects and the number of insurers in need of core systems upgrades mean that capacity to gain new adopters is limited. At the same time, vendors continue to improve and advance their platforms, creating an environment where very few can still be considered ahead of the curve.
4. Mobility, mobility, mobility
Insurers know that mobility has a huge potential to impact their distribution, marketing, and service. But there is some haziness around what is the best of breed approach. Everyone is curious around others’ mobile strategies and new applications for the technology. In some ways, mobility is the ‘wild west’ of insurance technology.
5. Analytics – the Final Frontier
In sessions focusing on analytics, presenters described the types of crucial trends an insurer could uncover in their data, such as the relationship between claims processing time and claim value. However, the journey to becoming an analytics-centric organization can take time, and requires organizational culture shifts in both attitude and behavior.
We want to thank the conference organizers and the insurance professionals in attendance for getting to know VUE Software and the value we provide to the insurance industry. We are already looking forward to next year’s conference in Indianapolis.