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Time’s up! Outdated products and clunky service are no longer acceptable with viable alternatives available - carriers must meet customer’s needs and demands now or lose their customers forever.
There's been many questions asked of our speakers, here were the hottest questions today:
Top 3 Questions – Product Development Stream
How’s do you manage the pace of change when looking at legacy renewal or replacement. Isn’t there a sense of guess work in the timeline? Can you construct an incremental process that works?
Shouldn’t the concept of millennials be ditched? Everyone wants to be treated this way now right?
So a business provides insight, risk analysis, data- but how do you build on what the insurers already know? How does that initial assessment work so that a combined force can make real change?
Top 3 Questions – Customer Engagement Stream
Is it important to develop CX data for every customer-facing employee in your organization. How do you do that?
As consumer demand is evolving, how do you see customer engagement/satisfaction changing as innovations are implemented in how claim payments are issued?
What’s your best advice for trying to implement “ownership” of claims when third party adjusting is in play?
Top 3 Questions – Innovative Tech Stream
How aligned are your innovation efforts with the broader business strategy and do you view innovation as a real source of competitive advantage?
What does “best practice” look like, from your perspective, when dealing with InsurTech companies?
In your experience, what’s the bottleneck? Is it just slow adoption to digital payments? Digital communication? Digital claim handling?
We've been collecting some real time statistics over the day. Here's what we found:
AI is certainly impacting on actuarial science. 82% of participants recognised this marriage in our poll. On the same point of tech integration, insurtech are making huge waves- more so than last year. We asked the incumbents- 73%, compared to 52% last year agreed that the community was having a significant impact on product development. And so it fall in line with how innovation teams are being viewed- ‘extremely active’ is how the insurers described this department. Finally, when asked about the impact of connected data in 2019, 69% stated this will have huge impacts in the coming months, more so than viewed in 2018.
Here are the full polling results: