Technology is just one piece of the business evolutionary journey.
Today, like many of you in the insurance industry who have over 20 years’ experience in insurance and technology, I have a collection of business cards and coffee mugs to help remember the roles and responsibilities that have led to where we are today.
For many of us we are in roles that did not exist even 5-7 years ago.
Technology is just one piece of the business evolution journey; however, it does disrupt the very best of any 3 to 5-year business plan.
In 2017, we are told once again we have missed the boat, need to cope with, or be enabled to leverage:
- Advanced Payment Processing
- Cloud-based Usage
- Big Data Management
- Social Platforms
- BYOD (bring your own device)
Regardless on our situations – and before we get more depressed – let’s put technology in context by measuring the number of days they have been in existence in this ever-changing landscape.
Let’s start with me. I have been around approximately 20,148 days. With that in mind, let’s look at entrants into the foundational technologies that have impacted our lives and industry.
The Internet = 9,265 days old
- The Internet disrupted almost every business process and communication model. Only 1,400 days later, Progressive was rolling out an online, real-time policy rating & core data uploads system, along with agent account sweeps.
Things or course are moving much faster if we consider core enterprise platforms:
- Windows for Workgroups = 9,108 days old
- JAVA J2EE v1.2 = 6,300 days old
- JAVE EE (Enterprise Edition) 5 = 4,360 days old
Finally, we can’t forget about the cell phones that are attached to us at the hip:
First Smart Phone w/ OS = 5,885 days old
The key to navigating the ever-expanding sea of solutions (and resulting data)? Look to leverage the right advancements that will have tangible results – and not create massive ripples or Disruptive Behavior within your organization and customer base.
There are opportunities to calm the waters. Personal and timely communication provide information, manage expectations, and result in calls to action that support business processes and the customer experience; saving you time and money.
Now is always the right time to start. It is not the first – or the last – opportunity that will differentiate you. But the organizations that can try, test, learn and pivot in the evolution of business models are going to be the winners.
Being able to welcome your new customer, remind them of a late payment, caution of an impending storm, provide claim status updates – all these communications give your company a voice, reduce document generation and demystify the insurance journey for your customers.
Now THAT’S driving the business evolutionary journey.