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Throughout the Future Focus event, insurers and analysts vocalized opinions on consumers, agents, mobility and, at certain times, a combination of the three. And, at a time when many insurers are looking to grow organically, these represent prime opportunities.
Leading two consecutive roundtables, I came to the conclusion that the topic, “Ease of Doing Business,” lent itself to eliciting opinions, and it was easy to come to the conclusion that this topic is extremely important to insurance IT and business execs. The first table—the bulk of which was comprised of IT executives—represented a variety of carriers. Most sell through independent agents, and all could all relate to each others’ challenges—getting systems to “get along,” satisfying each agency’s capabilities requests, etc.
The second table held a more varied group—a couple of attendees representing the business side, a couple from IT, an executive involved with underwriting and a VP from an insurer that works with captives. This was a very different conversation: It focused on whether agents will use the technologies (real time) they’re requesting, or are they asking for it because that’s what they think they’re supposed to do. Most agreed that we are far from getting all agencies to take advantage of real time, and the immediate challenge is catering to the varying levels of technology-accepting agents.
Something all were able to agree upon is that the agent network is important. And, insurers will be battling it out for some time to come to be the insurer of choice for successful agencies. To do this, insurers once again focused on consumers, agents and mobility, agreeing that there is a need to take a closer look at their mobile strategies and service offerings.
As in years past, CSC Future Focus attendees looked forward to the friendly banter between invited analysts, who typically take the stage to “discuss” a certain topic. This year, however, analysts seemed to sing in chorus, sharing their various versions on how the focus on the customer will play forward.
For example, challenging the theories put forth by the roundtable participants, Chad Hersh, principal at
Kimberly Harris-Ferrante, VP and distinguished analyst in
Karen Pauli, research director in the insurance practice at
And Mike Fitzgerald, senior analyst with
All analysts agreed that mobility is increasingly important and in order to compete, insurers need to develop their mobile strategy. The group ended their session by asking the audience to weigh in on the popularity of the iPad and if that will spur a closer look at mobility. Forty-two percent said it may be too soon to tell, and 38% said they’re seriously considering a closer look at mobile strategy.
The pressure to create mobile strategies isn’t coming just from consumers and agents. One CIO told me he was getting pressure from the company’s new CEO to develop some mobile apps and use social networking. Just how he was going to do this, he wasn’t sure, which is probably where many insurers stand presently. But the promising point is, the industry is forward-thinking. Forward-doing is the next goal.
Carrie Burns is editor of Insurance Networking News.
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