This is the generation of execs that is changing life insurance, forever.
That’s why, in conjunction with Insurance Innovation Reporter, Equisoft created the Life Accelerated podcast‒to find out from digital transformation leaders in the life insurance industry’s most progressive companies how they are navigating this critical period.
Now, in this eBook, we’ve compiled what we learned about the core principles of digital transformation from the top executives responsible for digital transformation at:
- New York Life
- Mutual of Omaha
- Northwestern Mutual
Who is this eBook for? #
Insurance C-Suite and execs looking for insights into how other life insurance leaders and companies are succeeding in their digital transformations
Why is this book about the digital transformation valuable to life insurance execs?
This is the generation that changed life insurance, forever.
Today’s executives, making decisions about their company’s digital transformation projects, are unleashing fields of opportunity that will be harvested for decades to come. Instant approvals and claims processing, superior all-digital sales and service experiences across all channels, accelerated product innovation, AI enabled decision-making and data-driven hyper-personalized service will all drive the growth of the industry’s best companies as digitalization matures.
Yet, no life insurance carrier is immune to the possibility that being too slow to transform, choosing the wrong solutions or having projects fail will create great risk and possible erosion of their competitive standing.
That’s why Equisoft, in partnership with Insurance Innovation Reporter, created the Life Accelerated podcast series. In these podcasts we’re speaking to top life insurance executives to get their insights into what is driving their companies’ digital transformations, which approaches have been successful and what comes next.
To help carriers navigate their own journeys, we’ve looked for common success factors cited by leaders in our podcast discussions and distilled 5 critical elements necessary for a successful digital transformation.
The 5 Core Principles of Digital Transformation #
- Legacy system challenges are boulders that all companies are working around while trying to modernize and retire their aging platforms.
- Carriers need a structure and process for evaluating insurtech and best of breed solutions ‒ then quickly deploying them as part of their insurance technology ecosystem.
- Customers’ digital experience expectations are a main driver of transformation rather than the pure need to update technology.
- Advisors can’t be left behind by any company’s digital transformation.
- This means that business needs have to be integral to the planning, structure and execution of any new technology project.
In this eBook you will learn:
- 5 Core Principles of Digital Transformation
- How top insurers evaluate new technology
- How carriers are organizing around business needs
- How to maximize advisor relationships through digitalization
- How CX drives meaningful transformation
At MassMutual, one of their of digital transformation is legacy transformation. And the key questions they are asking about modernization of vital core systems include:
- How do we depreciate legacy systems?
- How do we manage legacy systems to reduce their costs?
- How do we reduce our reliance on them?
- How do we minimize the different sorts of risks that come with and limitations that come with legacy infrastructure?
Find out what how they solve these key digital transformation transformation challenges in the eBook.