In this brand new series from Levvel, our industry experts discuss what the future of insurance looks like, how insurers are leveraging emerging technologies, and what steps established insurers can take now to prepare for the future.

* Watch the full video series here: https://www.levvel.io/resource-library/video-series-the-future-of-insurance

* Watch ‘Modernizing the Insurance Experience’ here: https://www.levvel.io/resource-library/video-series-modernizing-the-insurance-experience

* Watch ‘The State of the Industry’ series here: https://www.levvel.io/resource-library/vlog-series-state-of-the-insurance-industry

* Download the 2020 Insurance Technology Executive Report: https://bit.ly/insurance-tech-report-2020

* Download our Insurance Modernization Webinar, Part 1: https://www.levvel.io/resource-library/insurance-modernization-part-1-the-data-and-benchmarks-webinar

* Download the full 2020 Legacy Modernization Report: https://bit.ly/legacy-mod-report-2020

Transcription:

David Antoline:

The first step insurers can take to really start prepping for the future is probably the simplest one in terms of deed, but maybe the hardest one in terms of culture, and that is to get rid of using the word impossible. So often, especially with established companies, there is this mindset that we can’t do this, or that particular change is impossible because we’ve never done it before, because it would represent too large of a shift for the direction that we’re going in, et cetera.

I think if there’s one thing that we’ve found across organizations that have been able to successfully move to the future in a way that is taking advantage of emerging technologies, that is taking advantage of a lot of the options that are out there. Those are the organizations that took a step back and said, okay, it may not be a completely straight- forward path for us to get to where we want to be from where we are, but at the end of the day, these are not technologies that aren’t already in use in other markets.

These are not processes that aren’t already being used by our competitors, or, again, maybe in other markets. There are paths here that are well-worn, and it’s up to us to kind of look at those paths and apply them to where we are as an organization and the feedback that we generally give to our clients and the feedback that I would give to any company that is looking to kind of get started is to say, okay, first things first, you need to drop that word impossible from your vocabulary.

Once an organization has begun to prepare for the future, one important step that really predates defining technology stacks, defining the architecture, or anything that is technical in nature, is to actually set back and define milestones that play to the organization’s strengths. So often what we see is that this idea of focusing on the future and the idea of thinking about technologies and capabilities that don’t exist today, it sometimes causes organizations to look around them, to look outside of their organization and say, what do we have to do to keep pace?

What do we have to do to catch up? And there are good things that come from taking those views on what’s happening around you, but when it comes to actually setting milestones for your organization, one of the most important things you can do is look at the strength of your business and say, these are the milestones by which we are going to judge ourselves. This is what we determined to be success for our business over this amount of time. These might be the capabilities that we expect to have, and those fit squarely within our value proposition to our end customers. What we have found is that organizations that do that ahead of time and make it known not only to upper management and not only to say maybe the business side of the house but also to the technology side of the house.

Those are the organizations that start to see digital products that are created that really support the same narrative, that start to see the application of data and the insurance products that are offered that, again, support this idea that there is something that we’re all marching towards and that there are established milestones along the way that are going to allow us to sort of check ourselves and say, are we headed on the right path? So it really is important to set those milestones in place before beginning down this path of establishing technical details or culture details.

Read the full transcription at: https://www.levvel.io/resource-library/video-series-the-future-of-insurance

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