Brendan Kelley, Head of Provider Sales, attended the Future of Insurance Expo this year. We asked him to share with us his key takeaways from the event. Read on to find out more.
The advancement of technology and its availability is essential to every field of work from teaching to the automotive industry. This is no different when it comes to insurance. That’s why I attended The Future of Insurance Europe 2022 to check in on the growing pulse of technology and how it’s revolutionising the world of insurance.
With 40+ industry speakers, there was a plethora of industry experts talking about technology, not just how it’s affecting their work today, but also how it will play a leading role in the future. As the expo kicked off, keynote speakers took to the stage to share how the insurance sector will look in 2030 by stating that businesses should “optimise internal technology processes, conquer the power of data, design an unmatched customer journey, and provide products that meet customers’ evolving needs”.
So, it is clear that the insurance providers are looking to global technology partners to digitalise and modernise their B2B2E and B2C client experiences. This can take many forms. For Benify, this means licensing our platform to satisfy existing clients. In other words, clients of insurance providers will benefit from the same top-class level of global technology that B2B clients do.
As I continued to soak up the expo’s information like a sponge, I realised that the emphasis on technology was paramount. Expert after expert said that they felt “the best innovations have the customer front and centre, and are looking to create a holistic ecosystem of innovation of which technology is the accelerator."
Two keynote speakers, from Information Technology and Financial Services backgrounds, said technology will have to fill the gaps that state governments leave open, and that technology will help the industry be more agile and innovative. According to these speakers, tomorrow will be shaped by data driven technology platforms, and they shared that they believe this is the best practice for companies to follow so long as there’s cooperation and partnerships.
These partnerships can only be formed with the right professional level of technology. For some of the largest global insurance providers, Benify’s global SaaS Platform helps convert distant product and policy holders into active, loyal, profitable customers. Furthermore, it provides the expected levels of security and flexibility, while being able to evolve to reflect global financial service user needs. With the platform, insurance providers will be able to build deeper levels of integration, create personalised and timely content, which is proven to increase engagement with end customers.
The expert speakers at the expo did not hold back with the opinions about the future of insurance and the technology that supports it. One speaker gave some good advice: “Focus investment on the areas of highest impact and growth, prepare for new trends, and choose your tech wisely”, with another making the claim that if you don’t embrace innovations, then you age and decline.
The Benify Customer Activation Platform always stays on trend and is constantly being updated so that it always performs at its best. Insurance providers are looking for global technology that is not only easy to integrate but also is reliable. This sentiment was reiterated during a panel conference where they said that insurance and tech companies are, at this time, too separate and need to come together to help build strategies and systems that look ahead to the future.
Finally, the expo finished off with keynotes from global insurance providers. They said that the obstacles to successful business transformation can seem daunting when departments are spread across the globe, and that working in silos while attempting tech implementation should be avoided. Instead, they suggested implementing an organisational technology strategy that transcends geographical variances is key.
We were happy to partake in The Future of Insurance Europe 2022 and learnt what insurance insiders had on their minds as we head into 2023. From what we can gather, technology is the key to driving business and here at Benify, that’s exactly what we do!
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