P&C Carriers Finding New Flexibility in Agency Management
Our industry conferences always deliver a fresh dose of business insight. These events help craft our product development vision and reveal relevant new trends in the industry. Agency Management and distribution management solutions were of higher priority during the sessions at this year’s ACORD LOMA Insurance Systems Forum.
There were two excellent sessions that threw light on how P&C and life insurers should approach embracing new technology in these areas.
“The Future is Now: Enabling Sales through Superior Producer Service” by Laura Dambier of Lincoln National Life. She was eloquent in sharing the story of Lincoln’s system consolidation and resultant improved service levels and business agility.
I took a lot from “The Insurance Technical Evolution: 2012 – 2017” by Kimberly Harris-Ferrante of Gartner Research. This session brought up the importance of retiring old legacy systems while planning for the next generation technology investments. There is no dearth in technology advancements and insurance organizations, P&C and life insurance in particular need to strategically evaluate what’s on offer in the market and choose the agency management solution that will work best for their current business model and provide future flexibility.
There were a couple of sessions by Gartner and Celent respectively that received a lot of appreciation.
Steven Leigh of Gartner focused on prepping the life insurance industry in particular, for the next generation of workers. This community is technology savvy with high expectations from their employers. They like to take smart decisions and prefer to change their plans on the move based on easier and quick access to information. The tools that companies provide should be in line with these expectations if they want to attract and retain new talent.
Michael Fitzgerald of Celent stressed the importance of social media in his session – Social Media for Insurance 2.0: Operationalizing the Social Enterprise. He provided recommendations that organizations need to leverage social media not only to engage customers but also to use them as tools in risk assessment and the underwriting process.
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