CEO Perspective: Top Challenges Facing Carriers in 2023

My team and I are home now, but I’m still reflecting on our week in Vegas at Insuretech Connect (ITC) 2022. The energy was inspiring with over 9000 insurtech entrepreneurs, venture capitalists, influencers, and regulators looking to collaborate to improve the industry using technology.

During the ITC kick-off day, we hosted our first (but not our last!) Claims Transformation Summit for a standing-room-only crowd. I can’t thank our distinguished panelists enough for their insights and our attendees for their enthusiastic participation.

The disruption of traditional distribution and its effect on agents was a topic I heard repeated throughout the week. Additionally, smarter data usage, the complexity of, and need for process digitization, the demand for elevated user experience, and the lack of efficient underwriting were themes that permeated my conversations. Tackling these challenges arm-in-arm with my carrier partners energizes me and as I know the powerful impact Benekiva’s solutions offer. We built our platform to digitize all processes, move data seamlessly through new, old, and external sources, and create an exceptional experience for all involved. I’m proud to say that we announced our new partnership with Management Research Services Inc. (MRS) at ITC. The collaboration of their digital underwriting technology and our rules-based platform means carriers can offer claimants new insurance and financial services products during the claim disbursement process through a technologically enabled new business automation. We believe that this will help define a new distribution channel for agents by capitalizing on turning claimants into prospects.

Carriers and other technology firms I spoke with recognized that sales cycles are getting longer with additional diligence being done to mitigate risk. This makes our crawl, walk, run implementation methodologies, ability to integrate with any policy admin system, and our proprietary data configurator essential to help carriers keep the process moving forward.

It was clear that carriers want to find the “right” insurtech partners. They are acutely aware of their imperative short-term needs and their long-term transformational goals. This requires a scalable platform that lets them test, learn, and pivot as needed to achieve both. They’re looking for technology partners that can help them bridge the gap to a next generation claims and exceptional servicing. Benekiva’s anywhere, anytime, any device accessibility can help them do just that.

 

Brent Williams
Founder & CEO, Benekiva

Benekiva
5700 Westown Pkwy, 
West Des Moines, 
IA 50266
(515) 202-0862

© Benekiva 2022. All rights reserved.

Leave a Comment

Your email address will not be published.