Overheard at Formation '24

Mackenzie McDowell on June 7, 2024

Simplifying Together: Highlights from Formation '24

We're back from Duck Creek's Formation 2024, and the vibe was all about "Simplifying Together." This year's conference highlighted how the insurance industry is moving towards making things simpler, because, let's face it, simple wins. Inspired by Lisa Bodell's awesome keynote on "Why Simple Wins," here are some of our key takeaways.

Why Simplicity Matters in Insurance

Formation '24 really drove home the point that simplicity is the future of insurance. Lisa Bodell, the author of "Why Simple Wins," shared some great insights on how cutting out complexity can make everything more efficient and customer friendly. When we simplify our processes and technology, we save money and deliver better service.

Making Customer Experience Central

One big takeaway from the conference was the need for a centralized customer experience platform, which was emphasized in Mike’s session on having a comprehensive suite and people-centric experiences. This was top of mind for everyone and is seen as crucial for the next few years. Such a platform ties together all the ways customers interact with us, making their experience smooth and easy.

Moving Past the Digital Slowdown

The insurance industry has been slow to go digital, mainly due to legacy systems and the belief that customers prefer talking to a person. But times are changing. Today’s customers want quick access to information, personalized service, and the ability to manage their policies anytime. A centralized platform, like Duck Creek's OnDemand, helps meet these needs by combining automated technology with mobile apps and customer service, ensuring a seamless experience.

Duck Creek's OnDemand exemplifies an "evergreen SaaS" solution, continuously updated to incorporate the latest innovations and regulatory changes, ensuring insurers remain competitive without the burden of extensive system overhauls. This model supports "intelligent decisions" by leveraging real-time data analytics and AI, enabling insurers to offer tailored products and proactive customer support. By adopting such advanced solutions, the insurance industry can finally move past the digital slowdown and meet the evolving demands of modern consumers.

How SPLICE Software Helps Simplify

SPLICE Software’s solutions are perfect for making communication with policyholders easier at every touchpoint—whether it's about policy details, billing, or claims—within Duck Creek's OnDemand platform. Our integration ensures timely, relevant, and personalized messages, making life easier for both insurers and their customers. This means smoother operations and happier policyholders.

Communication: The Key to Retention

In today’s world, big corporations like Airbnb, Uber, Amazon, and Apple are changing the way we connect. Their success underscores the importance of communication in creating seamless, personalized experiences. In fact, according to PropertyCasualty360 and McKinsey, 50% of policyholders will leave after just one bad experience, and 80% expect personalized interactions. This makes effective communication more crucial than ever.

Teaming Up with Insurtech

Shifting from old-school systems to modern, simple ones isn't a walk in the park. But partnerships with Insurtech companies make it much easier. These collaborations provide ready-to-go integrations that save time and money, helping insurers launch new solutions faster and keep things running smoothly. By working with Insurtech partners, insurers can focus on what really matters—innovation and customer satisfaction.

Denim and Diamonds: Unforgettable Fun

And of course, Formation '24 wasn’t all about business. The "Denim and Diamonds" party was a blast, complete with a real longhorn bull! It was a great way to unwind and connect with industry experts. Thank you to all of the Duck creek team who made this memorable.

Final Thoughts

Formation '24 was an inspiring event that showcased the industry's move towards simplicity and innovation. The sessions and speakers gave us a clear roadmap on how to succeed by keeping things simple. As we move forward, "Simplifying Together" isn’t just a catchy theme—it’s a strategy that will help the insurance industry become more efficient and customer-focused. We’re excited to see how these changes unfold and shape the future of our industry.