Why Carriers Should Innovate with Purpose
This episode of Benekiva Connects features Nick Gerhart, the Executive Vice President of Homesteaders Life and former insurance commissioner of the State of Iowa. With his wealth of experience in the insurance industry, Nick shares valuable insights on building a strong foundation for success.
- Establishing robust data management and governance as the foundational elements for successful digital transformation projects.
- Getting the basics right before diving into complex initiatives such as customer experience improvement or acquisition strategies.
- A strong infrastructure and governance practices paves the way for smoother digital transformations and increased chances of success.
- Carriers must focus on their core business and avoiding the temptation to build out an entire platform.
- Aligning innovation with a core strategy will be a key driver of success.
- There is great value in the foundational work and being open to experimentation, learning from failures, and embracing new approaches.
- Maintaining best-of-breed operations in claims servicing and new business, needs to be a priority, regardless of other ongoing transformation efforts within the organization.