THE AGE OF CONSUMERIZATION, MAY 2012
3 Keys to Turning the Potential Pain of Consumerization Into Pleasure
Consumer adoption of mobile, social media and other new technologies requires insurance CIOs to recast their technology architectures and reassert their strategic role. I&T offers three keys to turning consumerization into a competitive advantage.
Insurance Companies Look to Online Retailers as Role Models
The consumerization of technology has changed how consumers interact with businesses, and online retailers have led the way in providing the kinds of real-time, personalized transactions that customers have come to expect. Insurers can learn from the retail customer experience to improve their own customer satisfaction.
3 Bring-Your-Own-Device Secrets
If you're having trouble letting go and allowing workers to use their own personal mobile devices to perform enterprise functions, perhaps these hidden BYOD benefits will help convince you.
Successful Claims Strategies Must Address New Customer Attitudes and Expectations
Winning and retaining policyholders often comes down to providing a superior claims experience. But meeting consumers' changing needs and expectations requires insurers to reinvent the claims operation, says Accenture's Michael Costonis.
VIRTUAL ROUNDTABLEHow Insurers Are Modernizing the Actuarial Environment
Market fluctuations, changes in consumer expectations and product designs, and new risk modeling techniques are increasing the pressure on carriers to modernize their approach to the actuarial sciences. What are the requirements of a modern actuarial environment, and what technologies can help insurers meet current and future modeling needs?
ONE ON ONEQ&A: Torus's Michael Kim Discusses the Freedom of Building Technology Infrastructure From Scratch
Torus chief administrative officer Michael Kim explains how the company's rapid success has been aided by the opportunity to build technology infrastructure and architecture from scratch, avoiding the friction and delays of legacy insurance systems.
NAMES IN THE NEWSFor Prudential's Joe Hayes, Customer Experience Is a Group Effort
Like many insurance IT executives, Joe Hayes, Prudential's new group insurance CIO, is focused on improving the customer experience. But in his market, that takes on a dual meaning.
FROM THE EDITOREmbracing Technology Consumerization to Improve the Customer Experience
The convenience, ease-of-use and personalization that come with the consumerization of the ways policyholders, prospects, distributors and partners interact with insurance carriers are examples of a winning service experience.
IMAGE GALLERYWhat Works in Online Quoting?
The user experience experts at Corporate Insight offer five ways to generate a customer-friendly online insurance quote and evaluate six carriers' websites based on the consultancy's top best practices.
UPDATEMicroinsurance Is a Growth Opportunity for Carriers, Says Accenture Study
Insurers that apply effective technology, business practices and alliances can tap not only a profitable microinsurance market but can also win customers who rise economically over time to become prospects for traditional products.
Disaster Response: Changing the Face of CAT Risk
The risk areas for catastrophe events are wider than traditionally thought, and the insurance industry is adjusting its risk models to better understand its exposure.
Insurers Look to Streamline Mobile App Development
New solutions are emerging to help insurance companies develop apps for multiple mobile platforms quickly and easily.
3 Secrets to Allstate's Innovation
Allstate EVP of technology and operations Suren Gupta says he wants the company to be known as innovative. He reveals three secrets to building an innovative corporate culture.
CUSTOMER SERVICE WATCHJackson National Life's 'Genius' Project Boosts Annuity Service, Reduces Errors
Jackson's Genius system leverages Thunderhead to provide call center reps with real-time access to unbundled annuity product information customized to the policy level.
BUSINESS INTELLIGENCE WATCHNew Frontiers in Analytics: What Could Insurers Do with Faster, Better Answers?
High-performance analytics will power decision-making in areas such as telematics, ratemaking and price optimization, customer intelligence and catastrophe modeling, according to Stuart Rose of SAS.
CASE STUDIESBaltimore Life's Compliance Organization Shows the Value of Innovation
Baltimore Life turns a system that was designed to interpret regulations into a survey machine that helps improve customer service. Here's how.
Union Mutual Brings Its Policyholder and Agent Portals Into the 21st Century
Union Mutual of Vermont modernizes its policyholder and agent portals with ISCS's SurePower Innovation policy admin platform.