At the March edition of COVER’s TechFest event, industry leaders Craig Olivier, Alan Burger, and Bart Patrick shared their insights on transforming the insurance industry through technology. Craig Olivier, COO and co-founder of Genasys Technologies, kicked off the event by discussing the pivotal role of technology in driving innovation. He emphasised the need for insurers to adapt to disruptors like social, tech, political, environmental, economic, and industry changes. Craig urged the industry to embrace urgency in implementing necessary changes and aligning technology with specific objectives.
Alan Burger, CEO and Co-Founder of InfoSlips, shed light on the power of AI in revolutionising customer engagement. He highlighted the need for better ways to deliver personalized and timely information to meet changing customer demands. Alan showcased how AI enables hyper-personalisation in communication through tailored videos, content summarisation, and instant query responses. He emphasized the benefits of AI-driven solutions in optimizing resource utilisation, reducing frustration, and enhancing customer satisfaction. Alan also emphasised the challenges faced in introducing innovative technology solutions due to legacy systems and resistance to change in the industry.
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Bart Patrick, Chief Revenue Officer at Genasys Technologies, provided insights into the delicate balance between transformation and modernisation in the insurance industry. He stressed the importance of aligning technology with the core purpose of managing risks. Bart highlighted the challenges faced in achieving desired outcomes despite significant technology investments, such as technical debt and outdated legacy systems. He advocated for a pragmatic approach to transformation, prioritising modernisation before full-scale transformation. Bart recommended allocating resources wisely, adhering to industry standards, and evaluating the impact of each system. By modernising the core aspects of their business, insurers can unlock the potential benefits of innovative technologies.
Overall, the talks emphasised the transformative power of technology in the insurance industry. From leveraging AI for personalised customer engagement to balancing transformation and modernisation efforts, these insights provide a roadmap for insurers seeking impactful change. By embracing technology trends, addressing challenges, and aligning objectives, insurers can navigate the evolving landscape and drive innovation in the industry.