What You Missed at the 2023 Life and Annuity Insurance ConferenceLast updated: May 8, 2023 | 4 min read
GhostDraft recently attended the LIMRA and LOMA hosted 2023 Life and Annuity Conference. During this event, the current status and future of the life insurance and annuity industry were explored. In addition, the conference featured several critical themes and trends shaping the insurance industry as we know it. In this blog, we recap key themes from the conference.
Digital Transformation in Life Insurance
One of the most prominent themes discussed at the conference was the significance of digital transformation in the insurance industry. The speakers stressed that life insurers must adopt new digital channels and tools to stay competitive in the ever-changing marketplace. Many carriers are investing in a modern, cloud-based customer communications management (CCM) platform, which will streamline internal processes and help carriers deliver a digital and highly personalized customer experience. If you haven’t done so already, here are some tips to calculate your ROI of investing in CCM to strengthen your customer experience. All in all, technology is no longer an optional feature but a fundamental driver of business growth and success.
Importance of Data and Analytics
Another vital topic addressed at the conference was the role of data and analytics in the life insurance industry. The speakers emphasized that companies must adopt a data-driven culture to enhance decision-making, risk management, and customer experience. Data is a crucial asset. While many CCM platforms can integrate with legacy systems, you need a core system to manage digital data (e.g., demographics and preferences) for effective adoption. Modernizing your CCM software will provide a cloud-based suite that empowers your business users to develop omnichannel templates for responsive delivery to your customer’s preferred channel.
Utilizing Omnichannel Communications
The conference also addressed broader industry trends and challenges besides these technology-focused topics. One was the need for companies to adapt to evolving customer preferences and expectations. The speakers highlighted the importance of providing personalized products and services while engaging with customers through various channels such as social media and mobile devices- otherwise known as omnichannel communications. According to G2, omnichannel communications is defined as creating seamless customer experiences through different mediums (social, SMS, email, etc.) Overall, embracing digital platforms is critical for life insurers looking to stay competitive and meet the evolving needs of their customers. As technology continues to advance rapidly, those who fail to adapt risk falling behind.
ESG Factors to Consider
Another major trend discussed at the conference was the increasing importance of ESG (environmental, social, and governance) factors in the life market. Speakers highlighted the need for companies to incorporate ESG considerations into their business strategies and to be transparent about their efforts to address these issues.
Latest Developments in Cybersecurity
Finally, the conference also addressed the regulatory landscape for the life insurance industry. Speakers discussed the latest developments in consumer protection, privacy, and cybersecurity. In a recent report by Celent, cybersecurity has moved up to third in priorities for life insurers, and CIOs are looking to increase their cybersecurity budgets. Due to this increase in importance, over 75% of these insurers’ are considering a cloud deployment approach.
How to Move Forward
Overall, the 2023 Life and Annuity Conference provided a comprehensive overview of the challenges and opportunities facing the life insurance industry today. In addition, the conference highlighted the importance of technology, data, and customer-centricity in driving growth and competitiveness while addressing broader trends such as ESG and regulatory compliance. If you would like to hear more about this event or if you would like to learn more about the topics above, one of our insurance CCM experts would be happy to help.
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