The Future of Insurance
November 07, 2016
3 ways to get the most out of your business data
Fall is a great time of year. With beautiful views and football games, a long drive through the changing leaves on the way to a big game can be the perfect fall moment, where a love for the season is re-ignited.
However, there’s a new player on the fall landscape: data. While you may think those photos that you take of stunning fall colors and your family at the game are just pictures to view and share, they’re actually data – compiled and categorized.
Data is now an integral part of almost everything we do, including the sports fan experience. If you’re an avid football fan like me, consider how much of your time is spent reading football-related statistics and watching sports analysts who measure player performance based on data points.
Even at NFL stadiums, giant screens project player stats and team rankings during the game, giving you quantifiable data to enhance your experience. And let’s not forget Fantasy Football. An NFL football game is a lot more fun with Fantasy Football. For fans across the country, Fantasy Football brings a whole new dimension to the game.
Data influences so many aspects of our lives, helping us make decisions and connecting us to the information we need. And while data might neatly fit into our personal lives, the same thing usually can’t be said for data and metrics in our professional lives.
Data in the workplace can be more complex and difficult to manage. How do you transform your professional data experiences to be more like your personal ones?
Here are 3 ways to get the most out of your business data:
- Use SMART Metrics
With the wealth of data at our fingertips, it’s easy to get overwhelmed. Using SMART metrics ensures a focus on valuable and usable metrics. A metric is defined as SMART when it meets the following criteria:
- Specific – Has a precise understanding or meaning.
- Measurable – Quantifiable.
- Actionable – Spurs the data consumer or reader to do something with it.
- Relevant – Connected to business performance.
- Timely – Can be measured and reported within the timeframe needed to react.
SMART metrics un-complicate things. Think about that camera you got last year with all the bells and whistles. If you spend all of your time at the game messing with the settings, you might miss the winning touchdown. Using SMART metrics allows you to focus on the right things at the right time so that your data becomes a useful and productive tool to help you achieve your business goals.
- Emphasize Composite Metrics
A composite metric is a single metric made up of many combined metrics to show comparisons and monitor trends, offering a “snapshot” of business performance in a single view. With composite metrics, your data can tell a richer story without being weighed down by too many complicated numbers.
- Rely on Charts
Have you noticed how often professional NFL analysts use charts, sketches and other visual displays? What sports commentators and others have figured out is that humans are visual learners. More than 50% of the brain’s efforts are dedicated to processing visual information. Charts and visualizations help us understand data quickly and efficiently, as well as allow us to easily share information and reach a wider audience.
With these tips, you can begin to get more out of your business data. If you’d like to learn more about how you can further leverage data for valuable business insights on your clients and operations, check out these data analytics resources.
Michel Guillet, Agency/Broker Solutions product manager at Applied Systems, has been leading the design and implementation of data solutions for more than 25 years. His experience includes working with structured and unstructured data across consumer goods, telecommunications and the government. Michel is also an adjunct professor of data visualization at Georgia State University.
October 25, 2016
Insurance Networking News’ 9th Annual Women in Insurance Leadership conference took place this month in Chicago, celebrating gender diversity in the workplace and honoring the important contributions of women who have helped redefine the insurance industry. The conference provides a platform for women around the country to learn from industry thought leaders, network with other influential peers and discuss the key issues facing the insurance business today. One of this year’s key issues is the role that gender diversity and inclusion play in ensuring the successful future of the insurance industry.
Each year between 2006 and 2015, women comprised about 61% of the insurance workforce, with 1.5 million women employed in the insurance sector in 2015.1 Additionally, new research shows that gender-diverse companies are 15% more likely to have financial returns above their respective national industry medians.2 In a historically male-dominated business, it is clear that the insurance industry today is making important strides towards gender diversity and inclusion. However, when it comes to women in leadership positions, the insurance industry falls short. A 2012 study showed that women hold only 6% of top executive positions, 12.5% of board seats, and 8% of inside business, legal or actuarial officer roles.3
Women Leaders in Insurance
Women in leadership roles continue to actively promote gender-inclusive workplaces by establishing mentorship programs for women and sponsoring executive networking opportunities. Read on for insights from two influential women who are helping to reshape the insurance industry and working to inspire the next-generation of leaders and thinkers.
Kris Hackney, Executive Vice President of Customer Experience, Applied Systems
Kris Hackney is the Executive Vice President of Customer Experience at Applied Systems. She is responsible for Applied’s customer delivery strategy and operational execution for the company’s Professional Services, Support and Cloud-based solutions.
How did you get your start in the insurance industry?
I have spent more than 20 years in the software industry, primarily focused on business intelligence and predictive analytics, which gave me an opportunity to be exposed to many industries, including retail, insurance, telcommunications, manufacturing and government. I was drawn to Applied, and thus to a focus on insurance, because of the great opportunity to leverage technology to empower such a critical industry.
What is one important thing that you’ve learned from your professional experience?
At Applied, our mission is to power the business of insurance through innovative, cloud-based software. In my role as the leader of our customer experience organization, I’m responsible for customer delivery strategy and operational execution of Applied’s professional services, support and cloud-based solutions. Throughout my career, I’ve had the opportunity to build great teams. I’m especially proud of how we’ve coupled deeply experienced experts in insurance with individuals from diverse technical backgrounds who bring new perspectives to the table – true innovation takes strong, collaborative teams focused on challenging the status quo.
What do you believe the future of the insurance industry will look like?
The convergence of technology and changing consumer preferences in the insurance industry have agencies and brokerages adopting new, innovative technologies that blend the personal, trusted advice of the agent with customer preferences for interaction – and that is a tremendous business opportunity to capitalize on. Consumer demand for anywhere, anytime access to information is challenging agents to scale their resources to provide around-the-clock service and adopt new technologies that extend the personal touch and trusted guidance of an insurance agent to a 24/7 insurance experience. To provide this experience, digital agencies and brokerages require client self-service software that allows their clients to review policy information, request changes, make premium payments and manage claims processing via online portals and mobile apps. Native mobile apps offer clients quicker, more convenient access to insurance information directly from their smartphone or tablet, providing greater flexibility and servicing options while keeping their agency and brokerage’s trusted advice top of mind.
Jackie Gould, Chief Operating Officer, Assurance
Jackie Gould is responsible for the overall client service delivery platform at Assurance, as well as maintaining an efficient operation structure through high quality standards. Jackie’s strength lies in leading Assurance through major operational changes and managing multi-faceted projects that touch many organizational areas.
How did you get your start in the insurance industry?
I started my insurance career at Liberty Mutual one year after I finished college, after moving back to the Midwest from Seattle. It was a time in my life where everything I owned could fit in my car – and it was a very small car. The district sales manager at Liberty hired me as a Special Products Representative, where I worked closely with our sales reps in the greater Chicago area as a property insurance specialist and a liaison to place coverage with our internal underwriting team. It was a training ground like no other to be able to go out on calls with a wide variety of producers, and the experience dismantled my prior conception of what it meant to be an insurance salesperson. We were out meeting business owners every day and helping them manage major risks and costs in their businesses. I learned the technical coverage and underwriting side of the business, as well as how important insurance coverage and the associated services were to a business owner or executive.
What is one important thing you’ve learned from your professional experience?
Scrappiness matters. I discovered that I was hired in that first job with no experience largely because my boss was impressed with the way that I had worked my way through college and how I approached new challenges. Every job I’ve had since has allowed me to get things done with limited resources by being creative and scrappy. I’ve never had a role where I’ve simply taken over a well-defined and well-oiled machine and kept it running. I’ve always been able to roll up my sleeves and make an imprint, build something special, and help to define the future. I’ve been fortunate to work with a lot of people over the years with a similar approach to getting things done.
What do you think is the biggest challenge that women face in the insurance industry today?
I don’t tend to think in terms of challenges for women differently than those for men and that is a testament to the hard work of women in the business world before me. I believe the biggest challenge that we all face is changing our insurance and employee benefit delivery system to catch-up to the current technology, risk, legislative, and consumer environment. As a broker, we must continually earn our position in this new and evolving world. Our role is much bigger than placing coverages with an appropriate insurer and managing the associated transactions. We sit at the risk management and employee engagement table with our clients and help make their businesses better. If we can’t measure our impact, and our clients don’t experience a partnership and value when engaging with us, then we will become obsolete.
What do you believe the future of the insurance industry will look like?
Managing risk is complicated. Engaging employees and providing benefits is complicated. Insurance is complicated. As an executive in my company, I rely on professional partners to help our business with complicated accounting, tax, legal, real estate, and other issues. Although there are mountains of information out there in all of these areas, I don’t have the time to wade through the research and figure out how to apply the information to a given situation. I find trusted advisors in each field to help me. I believe the future of the insurance industry is similar – business owners and executives want trusted advisors to help them to navigate all of the requirements, options, and decision points in their insurance and benefit programs. Analytics will continue to play a rising role in this process, and my hope is that the providers and carriers break down proprietary walls that impede the ability for their clients and brokers to access and use data for better transparency and decision-making.
What do you think? Share your thoughts on how women are shaping the insurance industry of the future.
- U.S. Bureau of Labor Statistics, Current Population Survey, 2015
- McKinsey Analysis: Why Diversity Matters, 2015
- Saint Joseph’s University Study on Insurance Industry Demographics, 2012
October 12, 2016
The results of a recent survey conducted by Applied Systems found that the national average for digital technology adoption among independent agencies is only 42%. In a time when consumers expect instant access to information and real-time customer service from mobile devices, this finding — indicating that the independent insurance agency channel continues to lag behind other financial services industries – reveals there is significant opportunity and competitive advantage to be had for agencies willing to adopt new technologies and implement digital transformation strategies.
NEW Digital Agency Scorecard
To enable agencies across the U.S. to gauge digital transformation progress, Applied has created the Digital Agency Scorecard, a complimentary online tool to help your agency discover how it compares against industry peers nationwide.
The Scorecard assesses the 5 core competencies of a digital agency, including:
- Agency management system capabilities
- Data analytics/business intelligence utilization
- Insurer download adoption
- Cloud migration
Based on agents’ answers to a series of questions designed to assess agency capabilities across the above competencies, the scorecard provides a technology adoption percentage and compares that to statewide and nationwide averages. An agency that scores 80% or higher is considered to be a Digital Agency, having adopted most of the key drivers for digital transformation.
Using the Scorecard
The Digital Agency Scorecard not only creates an industry-wide benchmark by which agencies can measure digital technology adoption and progression towards digital transformation, but also offers valuable insight into specific areas for an agency’s own improvement and strategies for adopting key digital technologies.
How Does Your Agency Rank?
Use the Applied Digital Agency Scorecard now to find out how your digital technology adoption compares to that of your peers and get feedback on how to improve your score for continued success in the digital age.
September 28, 2016
As more than 3,000 attendees can attest, Applied Net is THE forum to learn about the latest insurance technologies and strategies for success in the digital age. If you weren’t able to be a part of the world’s largest gathering of independent insurance agents and brokers this year, all is not lost. Read through for a recap of Applied Net 2016, as experienced and reported by some of this year’s attendees.
Whether catching the flight to Orlando, picking up a conference badge at the registration desk or connecting with other Applied software users, excitement was in the air as attendees descended upon the lovely Walt Disney World Swan and Dolphin Resort in Orlando, Florida last week.
— Josh Witt (@joshwitt13) September 19, 2016
— Lisa C (@LPetewell) September 19, 2016
— monicaa__ (@Monhanna__) September 19, 2016
— NCF Insurance (@NCFInsurance) September 20, 2016
90+ user led sessions – I can't wait for those ! #AppliedNet
— Bobbie-Jo (@bobbie_jop) September 20, 2016
Tuesday’s opening keynotes set the tone for the week ahead, featuring inspiring presentations by American hero Captain “Sully” Sullenberger and Applied Systems CEO Reid French. On Wednesday, Michael Howe, SVP of Product Management, unveiled the newest features and products of the Applied product portfolio. On Thursday, Kris Hackney, EVP of Customer Experience at Applied Systems, and Holly Hoffman, Disney Institute Facilitator, discussed how to exceed expectations and deliver exceptional customer service.
— Sully Sullenberger (@Captsully) September 20, 2016
— Ida Axling (@BrokingIda) September 20, 2016
— Rosie Quigley (@Insurance_Rosie) September 20, 2016
— Park Insurance (@ParkInsurance1) September 20, 2016
"The biggest risk is not taking any risk" #AppliedNet
— Matthew Phillips (@mattsphillips4) September 20, 2016
— C.J. Nolan (@cjnolan78) September 20, 2016
— Community Insurance (@CommunityInsGrp) September 20, 2016
"Reputation is built one conversation at a time." Captain Sully #appliednet
— Michelle Dightman (@mhdightman) September 20, 2016
"People can feel perfection." – Walt Dinsey #AppliedNet
— Matthew Phillips (@mattsphillips4) September 22, 2016
Time to Learn
This year’s conference included the most user-led education sessions than ever before. With more than 200 sessions and 11 different tracks, there was something for everyone at Applied Net 2016. In between sessions, conference goers continued learning with valuable 1-on-1 support appointments with Applied Customer Support.
— AppliedCltNetworkUK (@A_C_N_UK) September 21, 2016
— Gordon C Barnett (@drgcbarnett) September 19, 2016
First time meeting with the Support team! I can't believe I've wasted this valuable resource at past conferences! #AppliedNet
— Dawn Oney (@oneyiii) September 20, 2016
A lot of useful information on how to streamline and maximize the download. This is great! #AppliedNet
— Paul Turner (@pauliet767) September 20, 2016
— K T (@kristin_thelen) September 22, 2016
The mind once stretched by an new idea, never regains its original dimensions… Thanks for stretching my mind #AppliedNet
— Paul Turner (@pauliet767) September 20, 2016
— CSIB (@CSIBsports) September 21, 2016
— Vanessa H (@mamaness2) September 21, 2016
Converting to Epic session is easily the most active & conversation one I've attended so far. Great stuff! #appliednet
— CSIO (@CSIO) September 21, 2016
— Vanessa H (@mamaness2) September 21, 2016
After full days of learning and networking, it was time to let loose! From exploring the streets of Universal Studios to enjoying live music at the House of Blues, Applied Net 2016’s evening events showed us all how to have some fun!
— Charris (@s0faQueen) September 21, 2016
— HAL Insurance (@HALInsurance) September 21, 2016
— Celeste ™ (@camcs13) September 21, 2016
— Lucy Hill (@LhillApplied) September 21, 2016
Until We Meet Again
As the week came to a close, it was time to reflect on our time in Orlando and think about the knowledge and experiences we would be bringing home.
— Vanessa H (@mamaness2) September 21, 2016
— Lucy Hill (@LhillApplied) September 22, 2016
— Coughlin Insurance (@Coughlin_Ins_B) September 22, 2016
— Shelley Sutton (@ShesuttonS) September 22, 2016
— Park Insurance (@ParkInsurance1) September 23, 2016
— Lisa C (@LPetewell) September 23, 2016
Already excited for Applied Net 2017 at the MGM Grand in Las Vegas? Learn how you can be a part of it.
Experience the excitement of Applied Net 2016 first-hand? Leave a comment and tell us about your favorite part of the week.
August 10, 2016
We’re 40 days away from Applied Net 2016, and the excitement is growing. This year’s event promises to be bigger and better than ever: inspiring keynotes, engaging education sessions, exciting product sneak peeks, networking and unforgettable evening events. To get ready for the world’s largest meeting of independent insurance professionals, we’re highlighting attendees’ 10 favorite things about Applied Net 2015.
1. Opening Session Video
There’s no better way to start off the week than with a reminder of the importance of insurance, a reflection on why we all do what we do. Last year’s opening session video was truly uplifting and set the tone for an amazing conference.
2. 200+ Education Sessions
2015’s lineup of education sessions provided conference attendees with crucial insights into Applied technology, business best practices and industry trends. With more than 10 content tracks to choose from, conference attendees easily built a customized agenda relevant to their personal career goals and role within the agency or brokerage. Tracks represented a variety of interests, including Business Continuity, Connecting with Customers, Mobility, System Admin & IT, Carrier-Agency Interface and much more.
3. Product Releases
Applied is continually innovating products, providing our customers access to the latest technology to succeed now and in the future. Last year, Michael Howe, SVP of Product Marketing at Applied, revealed some of Applied’s exciting new and enhanced products, including the extended product capabilities of Applied Mobile 2016, the launch of the industry’s first agency branded app, Applied MobileInsured, and the industry-first capabilities of Applied Epic 2016.
4. Pinnacle Awards
Each year at Applied Net, Applied announces the winners of the prestigious Pinnacle Award, our highest customer honor. This award recognizes a select group of Applied Systems customers for their valuable partnership with our company and visionary usage of Applied software. Last year, we applauded the inspiring work of our 2015 Pinnacle Award winners as CEO Reid French recognized them on stage: Drayden Insurance LTD., Liberty Mutual, Van Zandt, Emrich & Cary, Vantreo, and Woodruff-Sawyer & Co.
5. Pre-Conference Monday: Executive Management Program & Continuing Education
Applied Net’s Pre-Conference Monday is a great way to gain valuable knowledge and learn best practice business strategies from industry thought leaders. Last year’s Executive Management Program discussions centered on the future of the insurance agent/broker, highlighting best practices for digital businesses and ways to stay connected in our digital world. Applied Net’s Continuing Education program provided a way for U.S.-based agencies to meet their state licensing requirements while gaining additional education on niche topics.
6. Applied Net Exchange
The Applied Net Exchange offered conference attendees an exclusive opportunity to experience live demos of new innovations and the latest product enhancements, meet one-on-one with Applied software experts, and learn more about the newest vendor and carrier technologies. Last year, there were more carriers, partners and solution providers than ever! The Applied Net exchange is also the perfect place to catch up with business colleagues and network.
7. The Applied Net Mobile App
The Applied Net Mobile App was the key to all things Applied Net. With detailed conference and education session schedules, venue maps, daily updates, and a lively discussion board, all the conference info needed was easily accessible from a smartphone or tablet. With the app, you can even connect with other conference attendees, compete in the conference game for a chance to win amazing prizes, and check in by posting on the daily news feed.
8. The Venue: Caesars Palace
The venue for Applied Net is never an afterthought. From the magical and luxurious Walt Disney World Swan and Dolphin to the iconic Caesars Palace you can rest assured that the venue will be first-class. Last year’s venue was no exception. Caesars Palace is synonymous with Las Vegas. Its lavish rooms, splendorous pools, world-class shopping, extravagant entertainment, gourmet dining and hot nightlife define just what “doing Vegas” is all about. This luxury hotel and casino located on the west side of the Las Vegas strip served as the idyllic location for an engaging, spectacular Applied Net 2015.
9. Evening Events
Applied Net’s evening events are always one of the most anticipated parts of the week, and last year’s events didn’t disappoint. From dancing the night away at Drai’s Nightclub, one of the most exclusive night clubs in Las Vegas, to singing along to classic tunes at an exclusive performance of Cirque de Soleil: The Beatles Love, each night’s entertainment was the perfect way to let loose after a busy conference day.
10. Keynote Speaker: Madeleine Albright
Last year, Applied Net had an impressive lineup of keynote speakers, including former Secretary of State Dr. Madeleine Albright, Chairman and CEO of Capella Hotel Group Horst Schulze, Applied Systems CEO Reid French, EVP of Customer Experience Kris Hackney, and SVP of Product Management Michael Howe. Dr. Albright inspired us with her words, speaking about her life during WWII and her subsequent rise into politics on the global stage. As the first female Secretary of State, a global strategy consultant and a best-selling author, Dr. Albright recognizes the value of hard work and dedication to your craft. In her keynote, she offered advice on how to be a leader in the global marketplace, and stressed the importance of innovative thinking to make a difference in the world.
Watch this video to see what makes Applied Net a must-attend event for any insurance professional:
Don’t miss out on what is sure to be our best year yet. Join us at Applied Net to be a part of the largest gathering of independent insurance agents in the world.
June 15, 2016
Technology is now essential to how insurance agents and brokers run their businesses, including how they serve existing clients and attract new ones. To fully realize the benefits of being digital, forward thinking agents and brokers are embracing technology to fully automate all aspects of their operations and customer service.
Beyond the four walls of the business, independent agents and brokers are pursuing technology solutions that help them connect with all stakeholders in the insurance industry, including capabilities that provide for the seamless exchange of information back and forth with their insurer partners. Perhaps most importantly, the expectations and preferences of the end customer, the insured, are evolving rapidly so leading agencies and brokerages are increasingly adopting solutions that help them connect with customers and prospects, when and how they want, via online and mobile. The core competency of any strong agency or broker, providing trusted advice to the insured, remains paramount, but the promise of digital presents exciting new possibilities to better serve customers and emerge as a stronger competitor in the years ahead.
5 Core Capabilities That Define a Digital Agency or Brokerage
So, what exactly does it mean to be “digital” and how should an agency or brokerage approach this opportunity? There are five pillars that work together cohesively to support a business’ digital growth strategy, each providing the core capabilities needed to operate more efficiently, make more informed business decisions, build better insurer relationships, improve customer service, and accelerate growth and profitability across all lines of business.
- Foundational Management System – First and foremost, focus on building a strong internal foundation based on information and visibility. A world-class management system drives the day-to-day operations at an agency or brokerage, enabling the business and all employees to be as efficient and effective as possible. With a single management system, agents and brokers efficiently manage customer relationships, policy and benefits administration, sales automation, financial accounting processes and document management across the entire business in one application.
- Data Analytics – As they head down the “digital” path, agents and brokers will find that they generate and have access to more and more data, which raises the challenge of how best to make sense of it. Historically, agents and brokers sat on mostly transaction level detail in various systems without ever realizing the potential of that information. Business intelligence and analytics solutions allow agents and brokers to transform the vast amounts of data within the management system into simple, visual insights for data-driven analysis of business performance. A digital business leverages technology to make their data more consumable, which leades to better insights about the business and, therefore, more informed decision-making by agency and brokerage leaders.
- Insurer Connectivity – “Digital” also applies to how agents and brokers can work more effectively and efficiently with insurer partners. In simplest of terms, insurers, agents and brokers have an interest in efficient and secure exchange of information, directly from insurer systems to management systems and back. Digital businesses that capitalize on this seamless interaction provide faster and more accurate quotes and information to their clients. They do less manual data entry and they make fewer mistakes. Additionally, digital businesses use rating technology to obtain timely and accurate rates, a crucial step in the selling process that demands quick and accurate information exchange. Lastly, innovative market search tools help digital agents and brokers expand in to new areas of commercial lines business, serving up insurers that write specific policies. All of these technologies contribute to a more seamless, connected ecosystem of data exchange.
- Mobile – Mobility and mobile apps are now ubiquitous. Mobile solutions can enable staff to be more productive and better connect with insureds. Agents and brokers are embracing mobile technology to meet the needs of all employees and, further, to respond to the increasingly common expectation by insureds to interact via mobile. Mobile extends the agent’s and broker’s role as a trusted advisor by providing an additional servicing channel, which allows insureds to interact how and when they prefer.
- The Cloud – We have seen tremendous cloud adoption in our industry. Digital businesses are trusting the cloud to run their critical applications and manage their data. The cloud allows agents and brokers to safeguard data and provide better customer service from anywhere.
With all the technology options available today, the sky is the limit for independent insurance agents and brokers. We are in the early stages of a multi-year transformation, and the pace of adoption is steadily accelerating. I believe our industry stands to change quite dramatically in the years to come, and it’s for the better! At its core, a “digital” transformation is about realizing an opportunity to better service clients and create an enduring and more profitable business. The digital transformation is for the good of the insurance industry and it presents an unprecedented opportunity for our industry to emerge stronger than ever before.
Interested in hearing from independent agents and brokers who have made the digital transformation? Watch the How to Become a Digital Agent webinar to hear from HHM Insurors and Watson Insurance Agency about the advantages of becoming digital agencies and how to develop your own digital transformation plan.
Michael Howe, senior vice president of product management, is responsible for the strategic direction of the Applied product portfolio. Howe joined Applied in 2013 with more than 20 years of experience in enterprise software. He formerly served as senior vice president of marketing and product management at Aptean, a global provider of industry-focused enterprise software. Prior to Aptean, Howe held senior executive management positions at SAP and other leading software companies.
June 01, 2016
5 Reasons Why You Should Attend
Applied Net is not your average conference. It’s a convergence of minds. It’s a community gathering. IT IS THE CAN’T MISS PLACE TO BE for discussions of leading practices and critical issues – all shared by Applied Client Network members, users and experts. Do you have a long to-do list of work at the office or a limited budget making you question your attendance?
I know how hard it is to walk away from emails, conference calls and projects but stepping away from your desk to attend the premier insurance industry educational and networking event – Applied Net 2016 – will be an incredible experience on so many levels, and here’s why:
- Education & Learning
This is an area I am most excited about this year. The education program will be a robust lineup of 200+ engaging sessions that move beyond the typical lecture-classroom style and will introduce new formats like TED talks, real-world case studies, energetic roundtable discussions, peer spotlights and expert panel discussions. You will leave with an understanding of how forward-thinking professionals are employing Applied technologies to transform and improve their businesses. Applied Net will give you the opportunity to discover how industry leaders envision the future of the insurance industry and learn how other users and peers are navigating current insurance challenges to be most successful.
The peer network may quite possibly be your greatest takeaway. With 3,000+ insurance professionals in attendance, you will network and build connections with others in the industry whom you can swap stories with year-round when it comes to identifying solutions for day-to-day challenges at your agency/brokerage.
- Professional Development
Seeing how others in the industry leverage their Applied technology can provide a unique perspective on opportunities to advance your career and role in your agency or brokerage. And, as an added bonus, Applied Net offers up to 7 hours of CE credit to ensure you meet the licensing requirements of your state.
- Personal Growth
An event with 3,000+ insurance professionals can be intimidating, but think of yourself as someone who has something to give: advice, mentorship and resources. Think about where your expertise lies and how you can share that knowledge with others at the conference.
- Keynote Headliner “Miracle on the Hudson” Captain Sullenberger
Applied Net is about inspiring attendees to discover the latest trends, insights and skills to drive success at your own agency or brokerage. As a recognized hero, the keynote speaker Captain Sullenberger will deliver a valuable message that motivates you and provides trusted advice during the times when it matters the most. This is a presentation I couldn’t be more excited to experience.
Attend Applied Net 2016 September 19 – 22 and interact with a community of people just like you: open-minded individuals from all areas of the insurance industry who have been where you are today. It’s an investment that pays for itself and will provide immediate benefits to you and your organization.
Need more incentive? SAVE $50 when you register by August 18, 2016.
Don’t make excuses – just go. You won’t regret it.
Brian Langerman is the CEO of Applied Client Network. He’s a seasoned technology executive and won’t be missing this year’s Applied Net.
May 16, 2016
Has weather ever kept you off the roads and away from the office? Have you ever feared that your data and clients’ data has been exposed to external threats? If the answer is yes to either question, it is more important than ever for your organization to develop a business continuity plan to ensure your business remains financially and operationally viable regardless of external factors or unforeseen events.
Market intelligence firm IDC’s 2015 survey reported that 72% of small and medium-sized businesses (SMBs) expect to increase their investments in business continuity over the next 12 to 24 months. And 81% of SMBs are considering improvements to their existing business continuity strategies. Business continuity plans require you to assess and adopt technology, tools, and processes that ensure your business continues to operate at all times – particularly when customers need you the most.
From a systems standpoint, the cloud enables agencies and brokerages to protect important data in a secure online environment within off-site data centers. The cloud is a delivery mechanism for IT services and data exchange over a secure network, providing on-demand, remote access to information. Data centers deliver a high level of security and also provide redundancies for power and back-up sites, so in the event a data center is in a disaster location, the redundant site will take over to ensure business continuity.
Moving core software applications to the cloud is fundamentally a decision about how to maximize your investment in the people, systems and strategies to grow your book of business more profitably. With a cloud solution, agencies and brokerages can increase their return on investment as applications and supporting software update automatically, so your business continually runs the latest software without incurring delays or extra expenses that may be required for manual updates.
5 Reasons Why You Should Adopt the Cloud
With spring weather season in full swing and cyber threats on the rise, I encourage you to consider adopting the cloud for these five reasons:
- Improve your business continuity
With the cloud, your critical applications and data reside in a secure data center, which provides redundancy for power, Internet access and a physical infrastructure that offers greater protection from natural and man-made disasters and other unpredicted business interruptions. The ability to remotely access and use your core business systems in the event of a disaster enables your agency or brokerage to maintain operations and continue to serve your clients anywhere, anytime.
- Reduce costs to maintain and manage IT infrastructure
The average agency or brokerage staff has .5 dedicated IT personnel, meaning that many insurance agencies and brokerages operate without dedicated IT personnel and lack the expertise to deploy and manage multiple IT applications required in business today, as well as the hardware and software needed to run these systems. Cloud technology eliminates many requirements for hardware and software on-site and can significantly reduce your budget and capital costs for IT. It also reduces the need for personnel to manage IT infrastructure, freeing up time and money to focus more on core insurance activities.
- Increase information security and data management
With weekly news stories on the latest corporate data breach, maintaining data protection has become table stakes for business success and client loyalty. In the cloud, you gain an extra layer of data defense by maintaining critical business information in secure data centers. In addition, your business benefits from implementing more efficient data management and data access processes. The cloud ensures you are running the latest version of your software applications, including any antivirus programs. By offering an exponential amount of data storage, the cloud allows you to focus on growing your business and clients without the concern of running out of storage space.
- Provide better customer service
If weather keeps you at home or travel has you on the road, the cloud provides you and your employees remote access to up-to-date client and policy information using virtually any connected device, enabling you to reach and service clients at any time regardless of location. Instant access to information enables agents, CSRs, producers and others to provide clients faster service that can lead to higher productivity. In addition, reduced staffing for IT allows you to assign more employees to client-facing activities that improve customer service and satisfaction.
- Increase your ability to grow fast
The flexibility of a cloud solution can be ideal for insurance agencies and brokerages that need to scale their business quickly to meet changing needs, such as a business acquisition or rapid growth, without the time and expense of adding or integrating new IT capacity. Since applications are hosted remotely in data centers and accessible via the Internet, new users can quickly connect to systems of record and gain access to data across your business enterprise, improving collaboration and productivity.
Today’s insurance marketplace continues to move at an accelerated pace, requiring you to provide information in a more timely and effective manner in order to enhance your competitive value and serve as a trusted resource. Integrating cloud solutions and emerging communication channels enables businesses to increase their operational flexibility and security while reducing downtime and bolstering connectedness to both an agency or broker’s internal operations and clients, enabling you to uphold your role as a trusted advisor and better service clients at times when you are needed the most.
How is your agency using the cloud for business continuity? Share your thoughts below.
Kris Hackney, executive vice president of customer experience, is responsible for Applied’s customer delivery strategy and operational execution for the company’s Professional Services, Support and cloud-based solutions. She is the former vice president of Worldwide Enterprise Solutions & Services for Chicago-based SPSS Inc., a leading global provider of predictive analytics software and solutions, now part of IBM.
May 06, 2016
Every year, the BIBA Conference and Exhibition provides a forum to discuss the latest UK economic and regulatory developments and trends affecting the insurance industry. This year, the conference will focus on how brokers remain the “Go-To Place” for insurance advice, choice and expertise. As brokers embody this concept, it is important for them to consider how their “place” is evolving in today’s digital world. Advice, choice and expertise is taking new forms as the business of insurance becomes more connected and consumers become increasingly mobile.
Consider today’s consumer – mobile and engaging predominately on digital channels for both personal and professional purposes. Nearly every consumer has a smartphone or device that provides 24/7 connectivity to the Internet, email, social networks, voice calls and text messaging. A single device is creating multichannel customer service expectations at both the individual and enterprise level. In fact, 92% of UK consumers expect an organisation to offer a self-service support portal where customers can find the information they need online*.
Delivering a digital insurance customer experience has become table stakes for the next generation broker. The insurance experience of yesterday is no longer sufficient for the demands of today and expectations of tomorrow. The convergence of technology and changing consumer preferences in the insurance industry has brokerages adopting new technologies to grow and thrive during the digital transformation of the insurance industry.
Become a Digital Broker
Digital transformation reflects the transition of taking manual, paper-filled processes to digitally automated workflows powered by software and the Internet. A digital brokerage leverages modern technologies to connect its brokers, insurers, current policyholders and prospective clients. It automates business operations to transform into a paperless brokerage, saving time and money previously spent on outdated processes. As a digital brokerage, your business can seamlessly exchange information, gain informative data-driven insights and connect with customers through more channels. As more and more brokerages are embracing digital technology to automate their business operations and provide better customer service, digital brokerages have a competitive advantage to realise more business success.
Consider the Four Pillars of a Digital Brokerage
- Broker management system as the core: A single broker management system to serve as the operational foundation and efficiently manage customer relationships, policy information and financial accounting processes across the entire brokerage in one application. Your system should be able to manage every type of business from personal lines and commercial lines, and should connect all of your staff under one roof – with a single view into all of your business data.
- Effective and efficient insurer connectivity: The ability for brokers and insurers to automate communications for the purposes of obtaining quotations and managing the full lifecycle of the policy once purchased. As insurers increasingly invest in SME eTrading, your business needs to take advantage of this connectivity to provide access to more and better products for customers.
- 24/7 mobility: Mobility enables digital brokerages to provide customers anytime access to insurance information from their smartphones, as well as keep employees connected to the office while on the go. At the same time that your customers want 24/7 access to insurance information, your staff also requires mobile capabilities that empower them to effectively service customers and conduct business while away from the office. And as the next-generation of insurance professionals enter the workforce, providing the flexible and innovative workplace mobility delivers will be as critical for obtaining and retaining talent as with customers.
- The cloud: Digital brokers are moving core software applications to offsite data centres for improved performance, flexibility and security, safeguarding data and providing better customer service from anywhere. The increasing pace of business and ubiquity of the cloud provides a simple solution for brokers to ensure maximum operational efficiency while reducing time and cost spent managing hardware and software.
Bringing the Go-To Place into the Digital Age
With today’s customers expecting more and changing global market dynamics redefining the insurance industry, there is tremendous opportunity for digital technology to simplify and amplify your current processes. It can free up time for staff to focus on sales and service. Digital can expand your communication channels to clients and insurer partners. Allow digital to mobilise your staff to extend your broker advice and brand beyond the office.
As the Go-To Place, consider ways to set forth digital transformation to make your business the Go-To Digital Place – for both your staff and customers.
How do you see your “place” setting forth on a digital transformation? Comment below.
Attending BIBA? Join us Wednesday 11 May from 13.15 – 14.00 for “The Digital Broker” Fringe session for a look at the tools and services available to start or enhance your digital strategy. You can also visit us at stand C76.
Joe Sultana, Managing Director, Broker Solutions, Applied Systems UK, is responsible for broker relationships and support services for Applied Systems’ UK business. He came to Applied Systems in August 2013 following the acquisition of Insurecom Limited. He has held senior positions in both the IT and broking sectors spanning 20 years and has unique insight and understanding on how technology can be utilised to improve the industry and more specifically the broker market. Previously, Sultana joined Moorhouse as Operations Director in 2008 and led offshore and nearshore projects in Europe and Asia.
*2015 UK State of Multichannel Customer Service Report
April 20, 2016
Well, if you’re like most people, probably not. And similar to many of us, you started working in the insurance industry by chance or someone told you it was a great place to work – and that turned out to be true. Today, one of the best kept employment secrets is that people working in the insurance industry are likely to experience stable, high-paying jobs, and have a fulfilling lifelong career.
With nearly 10,000 baby boomers retiring each day in the United States, approximately 65,000 of them are employed in the insurance industry. According to a recent article in Insurance Journal, “Almost half of insurance industry professionals are over age 45, with 25% of the industry expected to retire by 2018. What’s more, there will be 400,000 open positions by 2020.” That’s a lot of jobs and today insurance companies and insurance agencies are working hard to attract and retain employees to close this talent gap in their businesses. To interest more young people in the industry, insurance companies and agencies must get the message out that they are innovative, and technologically savvy, and offer stable employment.
As millennials and Gen Z have emerged as the new political power, the new consumer, and the new face of our global workforce, we must quickly tap into how to draw them to insurance careers. To better understand what millennials and Generation Z are looking for in terms of insurance service providers and careers, Applied Systems collaborated with InVEST, a school-to-work insurance program, to conduct a first-of-its-kind survey of this post-millennial generation and compared insurance habits of millennials verses Gen Z. Here’s what we found:
Gen Z Places a High Value of Technology and Innovation
You won’t be surprised to learn from our survey that technology is important to both attracting future insurance employees and captivating our future consumers of the insurance industry. And here’s some statistics from our survey:
- 88% of Gen Z said when thinking about purchasing insurance, access to information and service via a mobile app is important to their decision
- While calling agents directly is still a primary channel for millennials to communicate with insurance agents, 37% say they prefer to use an insurance providers website
- 57% of Gen Z say that it is important for a company to provide the ability to work outside the office (hence technology must be in place)
- 48% say it’s very important and 45% somewhat important for Gen Z to work for a company that is innovative
Millennials and Gen Z Differ in Insurance Purchase Channel Preferences
Another interesting finding from the InVEST/Applied survey is that both generations value insurance providers or insurance agents as a “trusted advisors” when they are seeking information about insurance. Millennials and Gen Z have different insurance purchase preferences: Gen Z prefers purchasing insurance in person from an agent (55% Gen Z and 37% millennials) vs. online (29% Gen Z and 37% millennials) or via phone (16% Gen Z and 28% millennials).
At the same time, both generations have an appetite for online service technology and mobile access to insurance agents. On-demand, 24/7 digital access to service and information is very important and definitely influences their choice of insurance provider. One thing’s for sure, companies that continue to innovate with technology at its heart – Apple and Facebook, for example – are finding fierce and loyal advocates in these generations.
Millennials and Gen Z Place High Value on an Innovative, Flexible Workplace
Finally, for insurance to be an appealing career option, millennials and Generation Z both say insurance firms must demonstrate that they are innovative, service driven, secure and stable, entrepreneurial and profitable as well as flexible. The good news is there’s some really great innovation happening in the insurance industry right now such as mobile apps to assist customers with insurance transactions, and remote telework options for insurance staff, which provides them with 24/7 access to all the information they need to deliver exceptional service — even when away from the office.
What looms before the insurance industry is:
- How do we close the employee gap and attract top talent to our industry?
- How can we drive the insurance industry to fully embrace technology and showcase this transformation?
- How do we effectively convey to millennials and Gen Z “how cool” our seemingly old school, but long and strong standing insurance industry really is?
- How do we convey that the insurance industry is a great place to have a career?
For those of us in the insurance industry, we need to find answers to these questions now.
This post is based on findings from an InVest Survey. You can access the full report via the banner below:
Deborah M. Pickford is the Executive Director of InVEST, a non-profit organization with a mission to improve the insurance literacy of students and attract new talent to the insurance industry. Prior to joining InVEST, Deborah served for 10 years on Allstate’s Capital Region Leadership team as a Senior Corporate Relations Manager and also worked on national flood insurance issues. In addition, she served as the Chairman of the Board for DriveSmart Virginia and Vice-President of the Virginia High School League Foundation Board for five years. Deborah also worked as press officer under Andrew Cuomo at the U.S. Department of Housing and Urban Development as well as served on the editorial board at USA Today.