Why Carriers Should Innovate with Purpose

The Benekiva Connects Podcast

This week on the Benekiva Connects podcast, we chat with Nick Gerhart – executive vice president of Homesteaders Life and former insurance commissioner for Iowa. Join us to hear his insights into how he balances regulation and industry innovation!

For carriers in the insurance industry, it's essential to get the basics right before diving into digital transformation projects. That's why Nick suggests making sure data management and governance are in place first! Without this foundational piece, your claims and servicing platform will fall through––resulting in time and money wasted on ideas that don't pan out correctly.

When you have a reliable foundation laid out for your organization, you can move forward with more complex projects such as customer experience improvement or acquisition strategies. Carriers need to understand that having a strong framework is paramount if they want to produce successful results from their initiatives.

By ensuring there's a robust infrastructure and good governance practices in place before beginning digital transformation projects, carriers can enjoy much smoother journeys and better chances of success! Knowing your data is managed well and securely from the beginning will set you up for a robust digital transformation that's sure to pay off.

Nick emphasizes it has never been more important for carriers in the insurance industry to get the foundations right before starting work on their digital transformation projects. Get your data management and governance in order, and you'll be able to move forward confidently with other initiatives!

Other subjects we covered on the show:

• Nick explained why carriers should focus on their core business rather than trying to build out an entire platform.
• We delved into the difficulties InsureTech is grappling with at this time, uncovering a complex landscape of potential solutions.
• We also discussed the importance of aligning innovation with a core strategy in order to achieve success.
• Then, we emphasized the need for foundational work before attempting any “cool stuff”, as well as being willing to try new things, fail and learn from them.
• Finally, we advised carriers that, regardless of transformation efforts going on within their organization, claims servicing and new business should remain best-of-breed operations.

AND MORE TOPICS COVERED IN THE FULL INTERVIEW!!! You can check that out and subscribe at [www.LinkToFullInterview.com/url].

If you want to know more about Nick Gerhart, you may reach out to him at:

• Website: https://www.homesteaderslife.com/
• LinkedIn: https://www.linkedin.com/in/ncgerhart/