In June, we line-danced our way to Music City for the biggest insurance industry event of the year – IASA Educational Conference & Business Show 2018. In between breaks for hot chicken and live music, the team heard from several esteemed keynote speakers, including former Second Lady of the United States Dr. Jill Biden and Global Adventurer Bear Grylls. 

Over three days of panels and sessions led by industry experts, a few key themes emerged around technology and how it’s impacting our clients, their business models and their customers. Read our top three learnings from the conference below:

#1. Consumers’ expectations are soaring

Today, consumer expectations are extremely high, driven by experiences in other industries like hospitality and retail. They want to be able to pay their insurance bills as quickly and easily as they can pay for their lattes. Now more than ever, consumers expect a service experience that is instant, personalized and informed, and they want to be in control of the entire process.

Technology and interconnectivity are changing business models and impacting competitiveness. For insurance companies, customer experience is likely the long-term differentiator. In fact, 86 percent of consumers say they will pay a premium for a great customer experience[1], and 89 percent of consumers say they have switched business to a competitor due to a poor customer experience[2].

If insurance companies want to retain customers, the service experience they provide should be personalized, quick and seamless, and they should always be looking for ways to improve.

#2. Data and AI can deliver a better customer experience

During the show, there was discussion on the major opportunity in insurance to create highly customized consumer experiences based on individualized consumer data. With access to this data, insurers could use it to streamline the payments process and eliminate any pain points.

Additionally, we heard from speakers that AI tools like chatbots and voice assistants are rising in popularity. In fact, more than half of consumers want to use voice during the customer journey[3]. This trend is booming as personal assistants like Amazon Alexa and Google Home make their way into homes around the world.

#3. The future is blockchain

Lastly, many sessions during the conference were abuzz with talk of blockchain. Blockchain has the potential to eliminate the concept of transactions as we know them today – the technology has the ability to automate a contract process between multiple parties, which consequently eliminates the need for trust within a partnership.

Currently, the main blockchain application within the insurance vertical is used to streamline the process of ensuring proof of insurance, but we’re likely to see more usages for blockchain arise in the next several years as this technology advances.

In between sessions at IASA, our team had the chance to share a quick video with conference-goers who were part of the Billing & Payments Vendor Connect Tours. To watch this quick video or to learn more more about how Speedpay can help your customers make their insurance payments, visit our website.

 

[1] Source: Harris Interactive

[2] Source: Harris Interactive

[3] Source: PwC