Innovations, ideas, case studies on my fifth day as a (business) card-carrying member of Technology Decisions, I was swept up in the rush of day and night networking, information exchange and inspiring pandemonium at the IASA conference in San Francisco last month.
Not unlike the vast majority of conferences most of us have attended, there was the usual cacophony of facts, opinions, suggestions, and sharing of advice and experiences, both good and bad. Yet every so often, like the proverbial bolt of lightning, certain insights, by their very poignancy, seemed to rise up above all others. Many of these mission-critical lessons may stem from the tough economy weve found ourselves in, exacerbated by such cataclysmic, incomprehensible, and unimaginable events as September 11. Bottom line: When the going gets tough, the tough get smart smart about technology spending (and that doesnt mean not spending money, just investing it wisely), smart about core business values and goals, smart about whom the customers are (whether internal or external) and how to attract and retain them.
Here are some arguably smart observations, sifted from the conference, shared in the belief youll find them interesting if not useful:
1. Companies need to be precise in what they expect to achieve. Its not good enough to say, We need to improve our data, claims or customer relationship management, and sit back smug and satisfied once a system is in place. If a new system doesnt fulfill the true business goal or answer the need of the actual user, quite simply, its a bust.
2. Companies are seeking a fast return on investment. Perhaps as a result of the tough economy, companies often appear not tobe pursuing all-encompassing solutions or upgrades. Rather they seem to be largely focused on the basic processes or components they believe are critical, and they want to see results now.
3. Our potential to communicate is unprecedented, but realizing the full potential is tricky. The Web provides the means to connect everyone internally and externally. Vendors provide the toolsa favorite buzzword among product offerings is Web-enabled. So wouldnt it be great if one day we could use the Internet to achieve straight-through all-inclusive processing starting with the insurance agent and customer and winding up with the reinsurer. Yes, its thinking way big, but thats how big things get done.
4. The time to get busy is now. Whether driven by Enron, terrorism, the threat of nuclear conflict between India and Pakistan, or any other living nightmare, risk management operational, financial and all standard insurance variations has become a code to live by and, for many, a purpose to live for. In addition, asset managers must achieve T+1, settling transactions the next business day, between now and 2005, and resolve the inherent procedural and technological issues. As for data management, the current and future informational needs of internal customers and external partners, among others, need to be the driver of new initiatives. Independent data silos have limited value and in the future could prove a competitive disadvantage. Whats the message? Theres a lot to doshake a leg or risk limping into the future.
5. The downturn isnt going to last forever. And weve got an amazing arsenal of tools. Thats the good news. The bad? The general consensus is that technology budgets are flat or smaller. So whats an insurance technology leader to do? Move forward, but carefully. In the current economic climate, productivity matters more than ever. Just listen to the many pundits who say the economic rebound has not been based on rehiring the unemployed; rather, the companies that will continue to thrive (and be well positioned for more prosperous times) are those that can do it better, faster, cheaper, even while retracting.
Productivity is the mantra of the day. Defining productivity as establishing an effective business strategy, implementing the necessary process, and providing an appropriate technological roadmap is a formula for successful, well-reasoned action. Its far from easy, but from what I saw at the conference, no one of us is smarter than all of us, and providing that kind of intelligence your intelligence is what Technology Decisions is all about. So explore the pages of this issue and those to come packed with the know-how of the best and brightest around. Enjoy!
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
