The Digital Insurance (DigIn) conference is always one of our favorites, and this year it was ON FIRE! Literally, as over 2,000 insurance professionals braved the Austin heat and humidity for a few minutes while the fire crews took care of the smoke.
Keeping calm as we evacuate the conference.And we like to think we set the stage on fire (so to speak) when Yannick Brethouwer and I took to the stage and wowed the audience with a unique story of detecting and preventing insurance fraud.
Yannick and Kurt showcase how FRISS detects fraudulent claims.With dozens of demos and intriguing presentations, there was a lot to experience and learn as this year’s event, themed “Digital Transformation of Insurance.” So here are the top 5 takeaways we “dug out” of DigIn:
- Digital transformation will leave you behind if you don’t jump on board. Companies like Amazon, Netflix, Facebook and Google are setting the standard for digital user experience, and consumers won’t settle for anything less.
- Customer experience is by far the number one priority for insurers. Providing an omnichannel experience allows customers to interact in multiple ways, however they prefer to do it. Guidewire has recognized this in what they consider the Engagement Era. Companies like Snapsheet are helping insurers become “bionic,” allowing companies to augment traditional processes with technology.
- Automated fraud detection is a prerequisite for digital transformation. Straight through processing must become more prominent, and the right technologies must sit on top of insurers’ core solutions to enable it. Shall we insert a shameless plug?
- Telematics are changing the insurance game. Companies like TrueMotion are putting their technology in insurance carriers’ mobile apps, making important driving data more accurate and accessible. This type of technology benefits both the insurer (better information across the customer lifecycle) and the insured (quick, seamless claims experience and more accurate pricing). At the same time, companies like Roost Home Telematics are partnering with insurers like Desjardins on proactive prevention.
- Competitors can still work together, as displayed by USAA and State Farm who announced they are working collaboratively to implement blockchain in subrogation. This joint effort seeks to offer business efficiencies and ultimately (perhaps most importantly) savings to policyholders.
Lots of business cards are exchanged at an event this big, and the one that caught our eye was that of a “Chief Disruption Officer.” The title so accurately reflects the current state of disruption within the insurance industry. Disruption can be a good thing, and we’re seeing it first-hand as insurers are really coming out of the “dark age” to make life better for everyone.
Insurers are not backing down. So, we wonder… with so much change happening so fast, what kind of impact will we see from the insurtech revolution when we #DigIn2020?