Charles Taylor recently participated in the DIGIN event in Boca Raton on June 25th and 26th. It was a fantastic opportunity to engage with industry leaders and explore the latest innovations in Insurtech.

We came away with three key takeaways that we believe will shape the future of our industry:

• Leverage Legacy Systems by Embracing Digital Solutions: Building a culture of innovation and experimentation is crucial. We encourage our front-line staff to think creatively and discuss best-case scenarios. Investing in process changes and seeing them through to completion is essential. While keeping pace with technological changes is important, real growth lies in identifying unsolved problems and finding the technology to address them. In an industry where data protection is paramount, ensuring the security and trustworthiness of technology is a critical challenge.
• Rewards and Risks of Personalization: Effective personalization allows us to recognize changes in buyer needs continually. By incorporating relevant questions during the purchasing process, we can gather valuable data to inform product recommendations based on individual risk profiles. However, poor execution can harm customer experience, so our focus remains on improving CX across all product aspects. Machine learning and AI should capture ongoing life changes and maintain a strong presence throughout the purchasing cycle. While advanced technology, automation, and analytics are important, having the right people with a customer-focused mindset is essential for surpassing competitors. Charles Taylor is uniquely positioned to assist our clients in this area.
• The Absolute Necessity of Innovation: The keynote speaker on the last day, Terry Jones, founder of Kayak and Travelocity, emphasized the need for innovation. He stated, “If you can’t deliver a transaction in under three minutes, your prospect will leave and try your competitor.” Although this may not directly apply to the insurance industry, the principle of ease of doing business remains vital. Carriers and brokers must ask themselves, “Are we the easiest to do business with?”