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Insurtech Challenges and Solutions Uncovered at ITC Vegas 2022

By 10.27.22
Reading time: 3 minutes

ITC Vegas is the world’s largest insurtech event. Over three days in September, insurance leaders, tech entrepreneurs, investors, and more convened in Las Vegas to showcase new innovations, learn how to increase productivity and reduce costs, and share ways to enrich policyholders’ lives. 

Silverline’s insurance team attended ITC Vegas and had the opportunity to interact with a variety of people and organizations from across the insurance ecosystem. It is the place to hear first-hand about what’s happening in the insurtech space, the challenges facing organizations, and how solutions like Salesforce can help support them. Here we share what Silverliners encountered at ITC Vegas. 

Challenges with keeping customers engaged

A common theme throughout ITC Vegas was a focus on the need to find better ways for insurance carriers and brokers to engage with their customers. This objective was mentioned in both the ITC Vegas sessions and conversations with attendees. 

A lot of insurance companies’ solutions were developed on homegrown systems, and they’re looking for ways to move off of those outdated back-end systems and move into the cloud. They need to find new omnichannel ways to connect with customers across their journeys, and legacy systems can’t accomplish their goals. 

But getting insurance organizations to transform and leave legacy systems behind involves not only time and money, but a focus on ensuring adoption, which requires a clear change management strategy to figure out the right path forward. In addition, as agencies are trying to scale, especially the smaller-sized ones, the price point to put new technologies in place is a significant barrier. And although organizations have heavily invested in their current systems, these systems are not effectively supporting how they need to connect with their customers. 

Making the move to Salesforce

Insurance organizations need to remember that it’s not an all-or-nothing situation. By using Salesforce, companies can pull in data from their different systems – both new and old – and develop a more advanced, centralized system that scales as budget, time, and resources allow.

Insurance companies have been leaning on legacy systems for a long time, and they are chock full of data. We heard from many of our peers at ITC Vegas about their fears that if they upgrade their legacy systems to Salesforce, they may lose access to all that valuable data. 

Silverline helps to alleviate those concerns about data loss from digital transformation by taking an advisory approach. We guide organizations in developing the best strategy to ensure they will not lose but rather gain by migrating to Salesforce. We find the right solution to implement that will meet your requirements and help you succeed in engaging customers. 

Rebuilding SIF’s quoting process for efficiency and visibility

At ITC Vegas, Silverline shared the story of SIF, Idaho Workers’ Compensation. SIF has been the reliable and stable source of workers’ compensation for Idaho since 1917, but their processes hadn’t changed to keep up with the transforming marketplace. 

Like many companies Silverline saw at ITC Vegas, SIF was challenged by outdated, manual processes for quoting. Requesting a quote was initiated with a form, an option that was very time-consuming and offered agency staff no visibility into where applications were in the process. This created friction with the broker network. 

SIF partnered with Silverline for implementation support. Through the partnership, SIF created a solution that was new within the Salesforce Industries ecosystem: a broker-facing portal with automated quoting and underwriting for workers’ compensation insurance. In the past, a substantial number of submissions were abandoned with form processing. Incomplete submissions, requests for additional information (without response), and extended time-to-quote duration were among the primary causes. Much of this is mitigated with SIF’s quoting portal: SIFQuote. 

SIFQuote dramatically advances SIF’s digital presence in the market by replacing a traditional form-based submission process. SIF can provide instant quotes for a small but growing subset of new submissions. Since SIF writes a high volume of small business in the Idaho market, reducing friction on small business submissions eases the workload for SIF and its agency partner staff. The average quoting duration has gone from six days to under an hour, often providing a quote in minutes. 

How Silverline helps drive insurtech

Silverline is focused on insurtech through and through. We use Salesforce technology to help the insurance industry be more effective and efficient. Silverline tailors digital transformation solutions to meet your current and future needs. From strategy and implementation to managed services, we guide clients through every phase of their journey — enabling continuous value with the Salesforce platform. Find out how our team of experts can help your insurance organization.

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