NAILBA Perspectives Summer 2019 - Page 8

COVER STORY Distribution Manufacturing Technology TECH INSIGHTS: Where is the insurance industry on the learning curve? John C. Ziambras, President & CEO, AIMCOR Group Ashe Manandhar, Head of Product Management, Legal & General America Carsten Nielsen, Marketing Director, Broker Business, GetInsured Reid Tattersall, Vice President, BackNine Insurance Nagesh Prabhu, Assistant Vice President, Pacific Life Broad Market Technology Tim Wallace, CEO, iPipeline Lagging or picking up the pace? Coming from different vantage points, the group offered varying views on the current usage of technology, and how it can be best utilized within the life, health, and annuities markets. Distribution perspective In comparison to other industries, life, health and annuities have been seen as slow to embrace technology. Is this a fair assessment of the business and its willingness to use the software and technology advancements available in the market? Perspectives magazine checked in with several BGAs, carriers and technology vendors to see how we sit on the learning curve, as well as discovering what lies ahead in technology to help you make the grade. 8 Perspectives Q3 2019 Ziambras, AIMCOR Group: The processing of an annuity sale is clearly more transactional than a life insurance one so, naturally, we have seen significantly more technological strides in the annuity than the life space. Annuities have also become much more of a mainstream product in the greater retail financial institution space, driven by compliance, standardization and automation requirements. Life insurance continues to be the laggard but, at the same time, presents the greatest opportunity in the financial services industry from a technology adoption standpoint. I am absolutely convinced that the use of technology in identifying, engaging and generating the sale the life insurance consumer of tomorrow is what will ultimately allow our industry to reach its exponential growth potential. At the same time, and when it comes to the processing and servicing components of the product life cycle, technology will deem irrelevant and obsolete those who continue to view it as an existential threat rather than a business imperative and a transformation enabler. Tattersall, BackNine: The industry has come a long way. There are so many areas to still improve on, however. Find your niche and get after it! Manufacturing perspective Manandhar, Legal & General America: I think the life insurance industry has made significant strides over the past few years. If you look at the life insurance buyer’s journey today, many aspects of the purchasing process are simpler and more digital than they used to be. However, if you compare how far other industries have come, we still have a long way to go. As an example, look at the e-commerce industry and the way Amazon has transformed its customer journey, not only for the end user but also for online sellers. The AWS Digital Customer Experience (DCX) Competency gives sellers the ability to nurture customer relationships throughout the buyer lifecycle and improve retention by leveraging tools for content management, marketing automation, commerce solutions and data analytics. The result is a seamless and customized buying experience. This 9