Notes from iPipeline Connections 2016: Empowering the Digital Buyer in the Insurance Industry
We recently joined our partner, iPipeline, at its Connections 2016 User Meeting & Conference, a well-regarded event for the Insurance and Financial Services industries. The event focused on how today’s technologies are transforming financial institutions while empowering the new Digital Buyer, Digital Agent and Advisor, Digital Carrier, and Distributors. Representatives from the majority of the world’s largest life insurance carriers and distributors were in attendance.
With a spotlight on customers, which was also the theme of the conference, industry experts talked about identifying new synergies and encouraging collaboration in a multi-channel environment to deliver the best customer experience, create opportunities for growth, and increase customer retention in a challenging selling environment. The event highlighted the need for services such as e-delivery, mobility, and collaborative selling via straight-through processing to achieve growth objectives across the channel.
Some of the most salient points addressed during the event:
- The insurance industry is converting from a product-centric model to a customer-centric model with omnichannel solutions leading the way
- Insurers need a digital strategy that’s well defined along marketing, sales and services, and well-informed by customer insights. In fact, digital leaders know their customers so well that 50% of their interactions with customers are personalized.
- Past mergers and acquisitions and separate systems for Lines of Insurance inhibit the “single view” of the customer and customer intimacy that are required to compete effectively today
Here are 5 steps for an effective omnichannel strategy in Financial Services
Deep dive sessions, customer success stories, direct access to subject matter experts, industry insights, product roadmap discussions, and good camaraderie rounded out the Connections Conference. It was a good three days for understanding the moves financial services firms should be making to compete effectively in the digital economy.
