Run Time: 33:19
Can the Industry Disrupt Itself?
Intrigued by the “what ifs” of an insurance industry completely starting over with the agent and consumer experience? Then you’ll love these comments by two industry pundits and frequent conference speakers. Steve Anderson and Rick Morgan, volunteers with IIABA’s Agents Council for Technology, are posing interesting questions, such as: What if we launched an initiative to stop all paper in the insurance industry? No paper applications, ACORD forms or ID cards. No paper for agents. No paper for policyholders. Not even PDFs of policies. Rather, agents, carriers, insureds and any other stakeholder or relevant party would access policy information from the cloud – a central or even several dispersed repositories for all risk-related information (underwriting, risk management, claims, billing, all documentation). Steve says: “This is not about technology; the technology is available. It’s about business processes and the reluctance of some people to change.” Rick adds: “You keep hearing about disruption from insuretechs. We need to disrupt ourselves. The paper paradigm is holding us hostage. We need a C-suite level discussion to take steps to move forward for our industry.”