The Storyville Stompers marching band closes out day one of DIG IN, June 8, 2022.
Nathan Golia
Digital Insurance's DIG IN conference continues in New Orleans. Here are some of the insights shared by speakers at the conference.
Session: Personalization: How far is too far?
Rumana Hafesjee - Head of Digital Product Management of Guardian Life Insurance
“I think it’s all about the tradeoff. If you’re giving us all that data and you get a reduction on your premium as a result of sharing that data, I think a lot more people are more open to saying we can have that data…The bigger question is, ‘who are you going to share this data with?’ And if people know the data is anonymous, not shared with my employer, and they receive a reduced premium, we start to get a lot more people wanting to participate in those types of programs and you have to be super transparent about that…That’s the realization we had - that is, what do we consider to be personal? And what do our customers consider to be personal?”
(l-r): Itay Bengad, Sensa; Raymond Lynch, Coterie; Jennifer Overhulse, St. Nick (moderator); Rumana Hafesjee, Guardian
Grace Crane
Session: The Insurance Innovation Lab of 2022 and Beyond
Prashant Nema, EVP, Chief Information Officer, Arch
"Connectivity is opening up opportunities for everyone in the insurance ecosystem to make every contact and engagement richer and more fulfilling. … At some point it will be a level playing field. Everyone will have the connectivity because in five years, that will be table stakes. We all will need the ability to connect in all parts of the ecosystem. Because of connectivity, information will start moving faster. Richer information will be expected, and soon will become the norm."
(l-r): Dogan Kaleli, CEO of Stere Inc.; Prashant Nema, Arch Capital; David Fontain, Foresight Commercial Insurance; and Cory Isaacson, CEO, reThought Insurance Corp.
Michael Shashoua
Session: Using Experience Design Effectively in End-to-End Product Development
Jillian Badanes. Lead Innovation & Development, P&C Solutions Americas of Swiss Re
“One thing that we’ve done is literally bring the customer voice into the boardroom. And we’ve done that internally, as well as working with our partners…We think about our customer expectations. We’re really being informed by all the other services that customers are engaging with: Amazon, their digital bank or social media. It’s all super customized… [Customers] are really accepting now that their services speak to them, and they understand who they are… I think that’s an opportunity. How we can, as an industry, really focus on different types of people and personas – and design products around those needs.”
Session: Connecting Commercial – What’s Working and What’s the Ceiling?
Lisa Pires, VP, Digital, The Hanover
"For connectivity, a large amount of data needs to be considered. AI certainly plays a part but only so much of a part, because there’s so much new data coming in. It’s not just technology that’s required. You need to think about the talent you need to have to do the work. If you’re getting this data, how do you get to the insights? Data engineers, data architects and data scientists are expensive and it’s not easy to find that talent in the market now. There’s limited investment. You really have to be intentional with where you’re going to invest, start small and start building from there. It’s all of that – people, process and technology – that makes it a challenge.
(l-r) Valerie Turpin, Arch; Lisa Pires, The Hanover; Martin Higgins, Aite-Novarica
