Who would ever have thought that the insurance industry, which has thrived for many years with a traditional business model, would face pressure to adopt cloud, analytics, mobile and social strategies to meet the needs of its insureds?
Regardless, 100 attendees at the Insurance-Canada Executive Forum: Insurance 2024 did. I believe we all came away better for it.
The customer driven, technology enabled world…..
As I replays the highlights in my mind, I realize that the Forum delivered many powerful and insightful ideas that insurance companies, brokers and agents need to pay attention to given the challenges and opportunities that lay on the horizon for this traditional industry.
I want to start off by saying it was both a pleasure and an honour to speak to the audience about the changing role of the insured and the power this stakeholder will have in influencing the industry and its business models within the next 10 years.
A common thread that was woven throughout all of the presentations of the day was the importance and business potential of having the right technology implanted within every facet of an insurance company. Technology will, without a doubt in my mind, play a pivotal role in reshaping the insured’s experience from both the front and back end, whether it’s through the internet platform, mobile apps, social interactions or a combination of these capabilities.
Looking forward: a call to action ….
From my perspective, the level of insight discussed and shared at this forum will give insurance companies the foresight they need to not only survive the changes and disruptions to come, but to capitalize and thrive on the threats that may one day wipe out a chunk of the competition.
For everyone that attended Insurance 2024 and saw a glimpse into the future of this industry, your call to action is simple: discuss these ideas and opportunities with your peers and proactively attempt to spark change within your organization.
Editor’s Note: Peter Pleckaitis leads the Customer Experience & Strategy team in IBM’s Interactive Experience organization. Peter works with clients to generate business models and launch new business to capture the benefits of disruptive technologies. He got high marks from attendees for his presentation at the Insurance-Canada.ca Executive Forum earlier this month.