Artwork_EIS Group - Oct 27 - Ambitious Insurers Can an Innovation - V2
Common Sense Network & Learn

Ambitious Insurers: Can an Innovation Partnership with Underwriting and a Data-First Mindset Transform your Future?

A Virtual Whisky Tasting Session

October 27th, 4 PM – 5:30 PM CT, Successfully held

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Presented by

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Here’s what we discussed:

The shift in Life Insurance over the last two years has been of a magnitude previously unheard of. The speed at which organisations and solutions had to leapfrog to predominately digital channels and enable self service was almost overnight. Ambitious Insurers in the industry stood up to the challenge, but not without this radical shift in customer expectations placing considerable pressure on critical areas within the business.

Life underwriting is feeling the pressure. The need to significantly improve risk management, innovate and maintain profitability are being met with the customers’ increasing demand for granular, value-based and even integrated products. Creating the perfect storm, the choice for insurers is to either step up, adapt, stay relevant, or fall to the wayside. There will be winners and losers in the race to keep pace with change and the increasingly fickle nature of customers and underwriting will be a point of infection.

Connecting innovation and underwriting teams to build the future of insurance will be a key partnership in how successfully this change and transformation happens. It starts with leverage data as not just the oil in the machine but as the new global currency will be critical. How can you leverage data buried in silos, connective dots for deeper, more meaningful insights and make informed risk-based decisions quicker and with more transparency and accuracy will be one of the critical deciding factors in who wins this race. But it’s not just leveraging the data, it’s transforming that process into a digital first approach. How do you effectively and forever move away from traditional in-person interactions?

In this session, we covered:

  • Customer expectations and the evolving role of underwriting to deliver enhanced transparency in coverage details, on the go access, and speedy transactions
  • Innovation as a partner for underwriting teams – how together it’s time to transform the practice
  • The role of data and a data-first mindset to deliver new-age, custom-fit solutions
  • How AI, predictive analytics and third party data streams will enhance underwriting and drive automation

Agenda

4:00 PM – 4:10 PM

Session & Participant Intro

4:11 PM – 4:30 PM

Guided Whiskey tasting by an expert

4:31 PM – 5:20 PM

Interactive discussion on the topic

5:21 PM – 5:30 PM

Closing

Solution Experts

Bradley Roberts_347x347
Vice President, Life & Annuities at EIS
LinkedIn
David Misorsky
General Manager, Life & Annuities at EIS
LinkedIn

Evangelist

Ammon Dixon
Managing Director, EY Insurance Advisory Business Transformation and Data Analytics Solutions
LinkedIn

Here is what we learned:

Vikas Saxena, Senior Solutions Architect – Digital Business Delivery, Knights of Columbus Insurance

• Vikas joined the session because the Knights of Colombus is looking to upgrade its legacy system, and to understand how others have done their modernization.
• Being able to differentiate low complexity applications vs. high complexity applications would be a big help. Low-complexity applications should be low to no-touch applications to ensure policies, so underwriters can focus on the more complex applications.
• Automation is just a vision right now. There are higher priority programs they’re working on, such as customer engagement and a multichannel approach to selling. Automation will be the next big initiative, maybe next year.
• Automation and predictive analytics go hand in hand.

Request detailed session notes

We are careful about who we send this key document to. The session notes will be sent based on the request, provided your profile matches our qualification criteria.

About EIS Group:

EIS is the technology innovator for insurance. Our digital insurance platform is built to move carriers closer to their customers. Cloud-enabled and mobile-ready, the unified platform of core, experience and insight solutions empowers insurers to digitize core insurance operations, create the essential data foundation and deliver easier-than-easy experiences that attract a new generation of customers.

Participation in this Virtual Whisky Appreciation is free of charge to qualified attendees. Once you’ve completed the registration, we’ll confirm your invitation and send you a calendar invite with a link to the meeting.

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