Driving Innovation: Navigating the Modernization of the Insurance Industry
Bobbie Shrivastav, MBA, PMP, PMI-ACP, CSM
Co-Founder & CEO of Solvrays - Transforming Insurance Workflows for the Next-Gen Workforce. Award-Winning Tech Innovator, Co-Author of Momentum, Co-Host of Insurance Sync Podcast, Speaker, and Startup Advisor.
In an era where technological advancements are at the forefront of transforming every aspect of our lives, the insurance industry stands no exception. As technology continues to reshape the way insurers operate and interact with their customers, it's crucial to delve into the insights and innovations driving this evolution. Here are a few areas that I'm following:
Prioritizing Customer Experience: How many of us compare our insurance experience to the one of Amazon? As insurers navigate the complexities of today's market, the need for personalized experiences tailored to meet customer expectations has become more evident. The big question is - Are you investing in Customer Experience at ALL levels of the insurance value chain?
Evolving Industry Dynamics: The industry is changing when we look at both micro and macro trends. Important themes around the aging workforce and how might we re-look retention becomes an important theme to pay attention. There is the emergence of holistic partner ecosystems that insurers are craving and can become a strategic pivot towards collaborative models that foster innovation and value creation. I was at the LIC conference last week and I had a CEO approach me wanting a solution that encompasses many various components. How might we partner smart and well to solve real problems holistically? In my lens, leveraging collective expertise and resources, insurers can drive innovation, unlock new opportunities, and gain a sustainable competitive edge in the market.
Addressing Pain Points: Legacy systems and manual processes continue to pose significant challenges for insurers, hindering efficiency and impeding customer satisfaction. How might we continue to modernize the platforms while seamlessly integrating with legacy to streamline operations and drive tangible improvements across the board? In the Third-Party Administration (TPA) space, there are many complexities surrounding closed blocks of policies and innovative approaches are imperative for cost optimization and strategies aimed at achieving improved outcomes.
Looking Towards the Future: How committed are we to transform our industry? There are many ways I've seen insurers and/or partners innovate. I recently interviewed Vijay Pahuja on the Insurance Sync podcast where Laurel Jordan and Vijay talked about Sutherland's labs which showcased their commitment to experience transformation. I spoke two weeks ago at the Intrapreneurs Forum and many strategies on how to innovate internally from an Entrepreneur's lens. At my company Benekiva , our innovations come directly from the Voice of the Customer and we harvest those regularly during our client connects and our user conference. We also host workshops during key industry events to get a pulse of the industry.
As the insurance industry is undergoing a profound evolution, we must be driven by the imperatives of customer-centricity, innovation, and collaboration. It's the only way we can win!
The inspiration for this article came from the podcast below!
Global Executive | BFSI | Strategist and Growth Accelerator
1 年Nice article Bobbie. The urgency of transformation in Insurance is paramount, presenting both challenges and abundant opportunities. At the heart of value creation lies humans at the center, technology at speed, and innovation that can scale
Digital Strategist | Keynote Speaker | Elevating Leadership in the Digital World
1 年The article is fabulous as always Bobbie Shrivastav, MBA, PMP, PMI-ACP, CSM and I am excited to give the podcast a listen. Thanks for sharing!
| Expert- Consultant| MC Consultants| ??Insurance Elephant??|Insurance Advocate
1 年The concept of the Insurance Elephant suggests that the focus of insurance innovation CANNOT be one aspect or another since for the many participants within the insurance environment there are untold numbers of aspects, each of which resonates in some fashion to affect other insurance activity. Insurance is akin to a water balloon- squeeze here, it bulges there. Same principle for innovation- update here, unintended consequence there. A sure fire way to identify complementary insurance functions is to start from what customers need and work backwards to insurance process or activity. It's not a pure approach because of the vagaries and interconnectivities that have developed over time but it's an approach that can best resolve customer issues and provide companies a clearer path of needed innovation. Insurtech efforts to date have largely been expense plays or efficiency efforts; #innovationfromthecustomerbackwards or innovationfromthebeneficiarybackwards are positive approaches. Thx for the share and tag, Bobbie Shrivastav, MBA, PMP, PMI-ACP, CSM