• On May 19, 2023
  • By  

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.

Take Aways:

  • 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.

The information provided by Benekiva on this website is intended for informational purposes only and should not be construed as legal, tax, or investment advice. It is not intended to advertise, market, or promote any third-party products or services. Benekiva and its affiliates do not endorse, and are not responsible or liable for, any third-party content, advertising, products, services, or other materials that may be accessed through links or references on this website. Any reliance you place on such material is entirely at your own risk.

Receive email updates from Benekiva