24 May The Top 5 Things We Learned at DigIn 2018
The Digital Future of Insurance
On May 14, 2018, the RhinoDox team packed their bags and flew to Austin, Texas for the three-day conference, DigIn 2018.
The conference was chock full of value for carriers and Insurtechs alike, and gave our team the opportunity to demo our Intelligent Content Platform in front of over 1,000 conference attendees.
While we left the conference with insights and highlights too numerous to mention, here are our top 5:
- Carriers are focused on initiatives that automate processes, provide transparency to the customer and produce estimates and payments faster – it allows them to deliver a better, more digital customer experience, in addition to reducing total loss expense. It is imperative that carriers understand their customers’ needs – if they don’t, they’re bound to lose market share to other carriers that do.
- Insurance companies should have multiple business models that solve differentiated business problems – this gives them the ability to adapt quickly and change their strategy when needed. Having one business model no longer works – again, you must change or lose more market share.
- State insurance regulations and internal carrier security is still a major challenge for Insurtech companies. On average, it takes 24 months to kick-off a pilot program. The key to success is receiving top-down support for new innovation initiatives from internal stakeholders. Even though 24 months is considered “fast” in the insurance world, we must be faster – Fintech has done it, why can’t we? A few thought leaders at the conference talked about how to speed this process up. They said that building out a more formal Insurtech partnership process is the key to speeding up innovation. The question we asked is, “What happens when your competitors figure out how to accelerate this process?” The world can change very fast in two years. Check out this blog I wrote on ‘Innovation’ to see what I mean.
- Many companies are struggling with decades of knowledge that has accumulated in email, on paper and documents scattered across the organization. We call this “Big Content”. With an aging workforce, those not thinking about ‘Big Content’ need to be. What this means is that there is revenue, risk and other valuable information inside content, and specifically inside unstructured content (adjuster notes, customer service interactions, underwriting applications, etc.) that the large carriers are beginning to deploy resources around. The majority of initiatives are around claims automation. In our demo, we challenged carriers to think about this through the lens of ‘Revenue Opportunity Touch Points’, meaning, where are the revenue opportunities that are slipping through the cracks?
- We had some great interactions with other Insurtech companies. In speaking with them, we found that the ability for Insurtechs to find the cross section of respective technologies with the right partners can help solve a larger portion of an end to end problem like underwriting, claims or customer service. It also allows the carriers to shortcut partnering with Insurtechs.
Thanks to everyone who watched our demo and visited us at our kiosk during the conference. And a special thank you to the team at Source Media for putting together such a great event!
If you weren’t able to attend the conference, or if you missed our demo, we’ll be releasing the demo in blog format next week. And if you’d prefer to watch the demo, you can find that here. We will provide links to both of these resources on our website and our social media pages. Until then, feel free to check out our site to learn about our product features and offerings.
Justin Ullman is the Founder & CEO of RhinoDox. He has been in the Technology and Content Management industry, helping companies create differentiation and workforce efficiency, for over two decades. When Justin’s not a busy Rhino, he enjoys playing shows with his band, and spending time with his family and friends.