The towerIQ team was on site at Agency Connect 2019 in Las Vegas a few weeks ago (as a part of InsureTech Connect). It was a great event and we had the opportunity to participate in a panel discussion titled "The Evolution of Distribution"
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We had a great time at #BostonFinTechWeek2019 this month. We would like to again thank our panelists for a spirited session! For those who weren't able to join us in person, we wanted to offer a few snippets of our panel in action discussing the core challenge of harnessing client data across the end-to-end insurance value chain.
The panel hit on a number of topics focused on why it is so important to get your data's house in order before you try to solve other downstream client issues. Whether that be to drive agility and efficiency in typical insurance transactions like renewals, quotes, submissions, and supplementals or to gain deeper clients insights and achieve trusted advisor status amongst your base.
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Earlier this year, J.D. Power published their 2019 U.S. Independent Insurance Agent Satisfaction Study, which tracks overall agent satisfaction of the service they receive from insurers. The clear conclusion (unsurprisingly) from this year’s responses is that “the more satisfied independent insurance agents are with a carrier, the more business they will conduct with that carrier.”
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At TowerIQ, our vision is to create an end to end digital experience for client policyholders that spans agencies, carriers, MGAs, and re-insurers. We are excited to announce we’ve taken a big step with the availability of new API and Webhooks capabilities as a part of the TowerIQ platform. Both of these capabilities make it easier for brokers, carriers, or reinsurers to connect to a growing ecosystem of specialized cloud and on premise technologies. Connecting to this ecosystem is table stakes for building a transparent, engaging, end to end digital experience to service your clients.
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Digital Transformation happens most naturally when it’s driven by insurance organizations who deeply understand their clients behavior and needs at each point along the end to end policyholder value chain. Understanding customer context and delivering optimal quotes and offers at the right time requires real time analytics on all the relevant placement and exposure data. The core issue is that this data has long been hard to aggregate, as it's typically stored in disparate legacy applications, static ACORD forms, PDFs/Excel, and even .csv files. By taking a data first approach and translating all that data into a single language, brokers and carriers can easily uncover actionable insights. However, when stakeholders along the value chain all connect transparently and collaborate efficiently, it results in more meaningful on demand, real time delivery of products and services for all parties.