Where We’ve Been and Where We’re Going in Insurance

My insurance peers gathered this month in Boston for the SMA Summit and Atlanta, for the Operational Excellence in Insurance Summit (OpEx). They were perfect opportunities to get a glimpse into where the industry is ultimately headed. I’d like to share some of the highlights of each event – and what we learned.

What we learned – Boston

At the SMA Summit we heard from CEOs and CIOs from Tier 1 insurance companies, insurance software providers and InsurTech startups during a fast-paced day of sessions.

And speaking of fast-paced – that is how things are changing – fast! Increasing consumer expectations are clearly driving that. Also, it was interesting to hear from large insurers that have created innovation labs within their companies as a way to compete with InsurTech startups.

The Appian global insurance practice lead, Kate Gingras, joined Deb Smallwood, the founder of SMA, on the main stage session for a session focused on digital platforms. The big takeaway from that – the need for digital everywhere in insurance companies – and how that approach will enable them to solve business challenges faster.

Directly following Kate’s session, Appian hosted a Roundtable discussion about getting started on your own company’s digital journey. It was a lively, interactive conversation about how to become a connected, digital insurer.

What we learned – Atlanta

OpEx in Atlanta was focused on insurance operations and how technology is disrupting the ways insurers do business.

The big takeaway – again – was that insurers need to change the way they operate to stay relevant in the industry. Technology is key here, and the speakers focused on that.

Appian’s VP of Product Marketing, Malcolm Ross, presented about how technology change at the platform level can enable digital process transformation. With the traditional path of change being focused on core, it was great to see the energy in the audience as he explained how bringing a digital, low-code platform into the company could act as a force for transformational change.

Where we’re going

As the insurance industry heads down the path of digital everywhere, the Appian insurance team has a lot planned for fall! We will be in Las Vegas for InsureTech Connect on October 3rd and 4th, in London for Connected Claims UK on October 24th and 25th, and in Chicago for Insurance IoT on November 30th and December 1st.

I’m always eager to be part of the insurance conversation. Feel free to reach out to me at eileen.potter@appain.com, or tweet to me @eileengpotter.

Eileen Potter