Automation could transform insurance in 2021, says Vertafore
However, it is the implementation of that technological shift in a traditionally conservative industry that presents the greatest challenge.
ID: Automation could be highly transformative for insurance. Historically, why do you think the industry has been slow to adopt new technologies?
RF: The insurance industry has been slower to adapt because agencies have seen technology, specifically technology changes within their agencies, as a disruption and not a chance to propel forward.
2020 has proven to be a great catalyst for change and technology adoption in our industry. We’ve already begun to see measurable results with independent agencies growing their profitability at a rate three-times the industry average by modernising their business.
ID: Can you provide any use cases wherein Vertafore has or plans to use automation?
RF: Technology has really become the key differentiator in the independent insurance agency channel. Our products create automation opportunities for agencies in so many ways:
- The elimination of double, even triple entry of data
- Comparative rating and the ability to create efficiencies within the rating process
- Workflow management
- Marketing automation
Vertafore has strategically positioned itself as the industry leader in creating operational efficiency at every level of the distribution channel. We are creating ways for agencies to make employees more effective at their jobs and help agencies manage the massive amount of work that can need to be done on any given day.
ID: How would you summarise the key operational benefits of automation?
RF: Automation in insurance has a lot of the same benefits as any other industry. Insurance agencies are heavily invested in their customers and customer retention. Creating operational efficiency through automation is a key ingredient in modernising today's independent insurance agencies.
Creating more time for your staff through automation and giving them more time to focus on the job at hand has become a major part of the growth of any agency. Agencies that are using, or are planning to use, automation as a key to drive efficiency are giving themselves a distinct advantage over their competition.
ID: In your opinion, has COVID-19 accelerated interest in automation?
RF: I have seen the urgency that COVID-19 has brought to agencies all over the US. That urgency is to be connected, make working from home simple for staff, and make communication and relationship building with their customers a must.
This pandemic has given agencies the necessary nudge to embrace technology. As more and more agencies move toward a tech-forward mindset, things like automation become so powerful.
For so many years, the old adage "if it ain't broke don't fix it" has been the way many agencies have gone about their business. 2020 has forced agencies to think a different way, and that has been a very positive thing to come from this year.
Our thanks to Rick Fox for taking the time to speak with us.
The Ultimate FinTech & InsurTech LIVE Event
From October 12th-14th, 2021, BizClik’s FinTech & InsurTech event will bring together influential executives from around the world. Streamed live from Tobacco Dock, London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future.
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The event will include:
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Meet the Speakers
Each week, from now until the event, we’ll be announcing the latest speakers who are set to grace our physical or virtual stage, prepared to share their knowledge and insight with attendees.
Our second batch consists of:
Currently the Senior Vice President of Business Development & Fintech for Mastercard UK & Ireland, a position he’s held since 2014, Abraham describes himself as “a proven and successful senior sales leader with experience across a wide range of industries, sectors, and channels.”
Graduating from the University of Northampton in 1994 with a BA in Economics and Law, he worked for nine years at Sainsburys - eventually responsible for banking the company’s revenue and running its ATMs - and then Barclaycard for three years as Head of Client Management. In 2007, Abraham became VP of Client Management at American Express, and then VP and GM Global Supplier Relations EMEA in 2012.
In his current role at Mastercard, Abraham is accountable for the acceptance of all payments and products through all channels, devices, and technologies across UK and Ireland. In addition, he oversees the deployment of innovative new payment tech within the region.
Fraser-Hawkins’ role as CEO, UK Corporate, at Marsh McLennan is the continuation of a long and successful insurance career, which has included being London Sales Director for JLT Group and Branch Director for Willis Towers Watson.
Marsh prides itself on being a company that hires top-tier talent, does work that impacts peoples’ lives, and offers its employees the opportunity to make a difference. This is clearly an attitude that aligns with Fraser-Hawkins’ own values; regarding the insurer’s UK Young Professionals initiative, a support network to help young professionals in their development, he said:
"I am passionate about developing talent and our Young Professional CRG provides a brilliant community for our Young Professional colleagues to discuss key issues relevant early in their careers, as well as an environment to promote the skills, learning and network for success."
Massaro is currently the CEO of Boston fintech Flywire, a role he took on in 2013. He first joined the team in 2012 as VP of Business Development, but it wasn’t long before his entrepreneurial skills were redirected to leading the entire company’s high-growth strategy worldwide.
An expert in domestic and international payments and billing, enterprise technology sales, strategic alliances, enterprise software, SaaS, product management and marketing, and much more, Massaro is a consummate finance professional whose credentials befit the leadership of a prominent global payments fintech.
His previous positions include Consultant at PwC and Product Line Manager at Oracle, and he maintains a Mentor role at startup accelerator MassChallenge. He graduated magna cum laude from Babson College with a BS in Information Systems and Finance.
This event is set to be one of the year's most unmissable. If you want to get leading perspectives on the future of fintech and insurtech, go to Eventbrite and purchase your tickets now.