In the last five years, InsureTech Connect (or ITC, as it’s commonly known), has rapidly grown into the largest gathering of insurance innovators. Last year, our team joined the event in person with over 7,000 attendees in Las Vegas, and launched the Hearsay-Guidewire Connector. This year, of course, the event has gone virtual and we are so excited that our founder and Executive Chair Clara Shih is being featured in the keynote fireside chat with Guardian Life CEO Andrew McMahon.
Most insurance companies had focused most of their digital investments on automation and self-service, and in the pandemic, we’ve seen how the time has come to equally leverage digital to rearchitect how the field works and to strengthen rather than replace human connection. Using Hearsay as the front-end between agents and customers, companies are redistributing marketing and servicing work to corporate teams to allow reps to focus on value-added selling and relationship activities.
InsureTech Connect CEO and co-founder Jay Weintraub moderated a powerful, exciting conversation between Andrew and Clara. Here are some of the key insights and takeaways:
- Guardian Life has been in existence since 1860. They are celebrating 160 years this year. Covid is not the first global crisis Guardian has had to navigate. They’ve been able to apply lessons learned from previous pandemics including the 1918 Spanish flu and world wars to navigating the uncertainties of this year and maintain the long view of what needs to be done.
- Technology is disrupting every aspect of the insurance value chain from product and underwriting to marketing, distribution, and claims. As an insurance executive, it can feel daunting and hard to know where to start. But one area matters most: what customers experience. The most effective digital transformations start with the customer. Not what the carrier ideally hopes the customer will experience, but what the customer actually experiences– the last mile. Not customer surveys, but actually solving customer needs when and how they want. Start there, and the priorities will become clear.
- So-called personalization today doesn’t feel very personal. Has anyone ever gotten an automated email and thought to themselves how special it is and that it was uniquely made for them? Relationship advisors play a very important role. Life insurance is still very much sold, not bought, the vast majority of the time.
- Combining the authentic human relationship with a trusted expert with digital scale will allow advisors to maintain ongoing touch points with customers– which is increasingly important both for retention and cross-sell and also for regulatory reasons, such as RegBI. In the past, there were too many insurance customers who never heard from their agent again after the initial transaction.
- There is a role for direct-to-consumer and also intermediated channels. Today, most carriers approach each channel in a siloed manner. A unified last-mile engagement layer will allow carriers to blend digital, contact center, and field channels in a frictionless way for customers.
For centuries, the insurance category has played a critical role in helping businesses and families survive the hardest of times. In the past seven months, we’ve seen unprecedented human connection take place on our platforms between agents and advisors and their customers– and all signs point to this authentic digital engagement sustaining well beyond the pandemic. Thanks to Jay and ITC for featuring Hearsay this year, and thank you to Andrew and Guardian Life for being one of our boldest, most forward-thinking customers!