#IASA2016: Digital Transformation: It’s now or never
We’re starting day two of the #IASA2016 conference and couldn’t be happier with the conversations we’ve had with attendees, analysts and media. It’s clear to see why IASA has become one of the premier shows for the insurance industry.
One of the biggest themes from the show revolves around digital insurance and the transition happening in the industry to meet digitization goals and strategies. Insurers have been inquisitive and asking the right questions about how they should approach digitization and best practices for embracing digitization within their organizations.
Digital is here
In one of the sessions I attended yesterday, Matthew Josefowicz, president and CEO at Novarica, spoke about digitization and the transition currently happening in the industry to evolve processes with digital capabilities. He discussed how the digital revolution is already here, highlighting the amazing fact that most people have an internet-connected device with them at all times, for greater access to information.
Most insurers, however, haven’t evolved their business processes to keep up with the pace of innovation set by our personal lives. In order to embrace the digital innovation wave, they need to invest in the right technologies and insurance software to allow better bonds with agents as well as empower those agents with the ability to better connect with their customers and meet their expectations for more personalized service.
What digital means to you
When asked what “going digital” means, it’s become clear that organizations don’t have an outline to follow or insight into what technologies will get them there. But insurers realize it means more than just reducing their dependency on paper or providing an omni-channel experience.
While there isn’t a step-by-step plan detailing what to do to achieve digitization and the technologies to employ, we’ve heard a lot of feedback about the importance of connecting people with the right information, at the right time. This means insurers need to put a higher priority on the technologies like enterprise content management (ECM) that grant secure access to information and support the day-to-day business processes.
Luckily, there are a plethora of experts and subject matter experts ready and available at this year’s show to discuss this topic, and different approaches to digitization.