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Auto Insurance Report National Conference: The Intersection of New Ideas and Innovative Thinkers

May 03, 2017
By Kathleen Garlasco

shutterstock_441153067.jpgWe recently attended the Auto Insurance Report National Conference (AIRNC) 2017. Steered by the seasoned industry professionals of Risk Information Inc., the objective of the event is to introduce new ideas and bring together industry innovators. They didn’t say it, but we think this is how the future of the insurance industry will be shaped, by incumbents and innovators coming together to map the industry’s way forward. And we’re backed up by solid conference data. Read on to learn more:

  • InsurTech is big—well sort of: InsurTech companies coming in from outside the industry look great in niche environments but will never inhabit the same manicured suburban neighborhoods as existing insurers. They lack the size and the experience to take on risk at a large scale. They can, however, become great downtown partners, working out of their studio loft to bring insurers’ ancient technological capabilities into the 21st century. Better yet, look for an InsurTech with insurance background as not all vendors are created equal.[i]
  • More customers, more quickly: It seems that top-line acquisition rates require more than just an online presence; you’re going to need digital proficiency. For instance, arrival-to-bind rates increase 30% when auto pre-fill capabilities are included in the application process.[ii]
  • Personalized marketing comes to town: Insurers inefficiently spend $6 billion on advertising. To compensate, this year they’ve spent less on TV commercials and focused more on reaching the 50 million consumers that are online. It’s a step in the right direction, but by 2020 insurers will be able to reach 100% of consumers individually. That’s great news, because click through rates improve 50% when online advertising is personalized to the consumer.[iii]
  • The spread of next-generation data: Individualized marketing requires next generation information that will come from an insured’s social and web presence as well as information collected from IoT devices, but don’t think it stops there. Next generation data will also be used to personalize risk as well as the quoting process.[iv]
  • Consumers speak up: The word from consumers is loud and clear. If you’re using my personal information, you’d better not be offering the same old products and services; we’re expecting you to use this data to personalize our coverage.[v]

So, what’s the bottom line? Technology is driving a complete shift in customer perceptions. To meet the consumer trend toward more personalized services and product options, insurers will need to make friends with rising technological capabilities and tools as they emerge. Initiating partnerships with industry-experienced InsurTechs will give insurers the cutting-edge capabilities they need to thrive in the fast-paced customer-centric era, despite the drag of outdated processes, culture, products and technology.

Other featured contributors to the flurry of insights and convivial discussion at the Auto Insurance Report National Conference included esteemed leaders from Tesla, Nexar, Optum Inc., Pinnacle Actuarial Resources, key insurance executives and leading editors from Auto Insurance Report.

To learn more about the shift in consumer attitudes toward personalized, fast and efficient, including strategies for gaining wallet and market share, download our infographic, It’s Time to Become Customer Obsessed.  <http://info.boltinc.com/its-time-to-become-customer-obsessed>


[i] Sullivan, Patrick. InsureTech Won’t Change the World, But Niches Abound. [PowerPoint Presentation]. Auto Insurance Report National Conference, 23 April, 2017.

[ii] Birnbaum, Seth. Online Acquisition and Engagement Rise of the Personal Risk Marketplace. [PowerPoint Presentation]. Auto Insurance Report National Conferences, 23 April 2017.

[iii] Birnbaum, Seth. Online Acquisition and Engagement Rise of the Personal Risk Marketplace. [PowerPoint Presentation]. Auto Insurance Report National Conferences, 23 April 2017.

[iv] Drucker, Max. Making Sense of Next Generation Behavioral Data. [PowerPoint Presentation]. Auto Insurance Report National Conference, 23 April 2017.

[v] Drucker, Max. Making Sense of Next Generation Behavioral Data. [PowerPoint Presentation]. Auto Insurance Report National Conference, 23 April 2017.

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