Tag Archives: applications

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Insurance Innovation? Oxymoron or New Focus for the Industry?

in·no·vateˈinəˌvāt/ verb
– Make changes in something established, especially by introducing new methods, ideas, or products.
– Introduce (something new, especially a product).

ACORD Insurance Innovation Challenge

Is insurance innovation an oxymoron?

This phrase might qualify because the words “insurance” and “innovation” have historically had opposite meanings — old set in our ways versus introducing new methods, ideas, or products.

I’ve been quite critical of the insurance industry as a whole for not embracing and adapting faster to rapidly changing technology and the resulting change in consumer expectations.

Over the last few years, I’ve been hearing from an increasing number of businesses and individuals that are working on bringing some very creative and dare I say, innovative methods, ideas, and products to the industry. One of their big problems is getting enough visibility for their ideas and products — which is why they seek me out.

Fortunately, ACORD (the insurance industry standards body) has also recognized this problem and is taking steps this year to provide a platform that will highlight innovations within the industry. The 2015 ACORD Insurance Innovation Challenge provides a platform to showcase the best and brightest within the global insurance industry.

The ACORD Insurance Innovation Challenge

The Innovation Challenge is the first insurance-specific technology and innovation competition. It is open to individuals and organizations of any size, from anywhere in the world. The only criteria? Have a new method, idea, or product that can be applied to transform the way the insurance industry does business.

Winners will be selected based on their ability to develop products and services that have the potential to bring significant innovation to the industry.

“Everyone in the industry is talking about disruption, so we wanted to give them a chance to stop talking and start acting,” said Malou August, ACORD Director of Event Programs. “People are challenging ‘business as usual’ in other industries right now. This event is an opportunity for insurance industry players to step up and create the actual innovations we need.”

The deadline for applications is May 1, 2015. A panel of nine independent judges will review these initial applications. These judges will score the submissions and the top five or more candidates in each category will move to the next round.

These winners will be invited to present a 20-minute pitch to the judges on June 18, 2015, at the ACORD office in Pearl River, New York. Three finalists will be chosen from each category.

Showcase finalists will receive a speaking slot before an audience of potential investors, partners, press, and employers at ACORD2015, the flagship ACORD event taking place November 2-4, 2015, in Boca Raton, Florida. At ACORD2015, judges will select the winners, who will receive prizes valued at up to $25,000.

How Do You Apply?

Do you have a great idea? Are you proud of your company’s accomplishments? Itching for you and your colleagues to get the peer recognition you deserve? Then complete an application and let the insurance world know what you have done. Remember, the deadline for applications is May 1, 2015.

Complete information about the ACORD Insurance Innovation Challenge is available at acord.org/innovate.

(Originally published on LinkedIn, April 6, 2015)

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EBay Adds 3D Printing via iPhone App

EBay recently announced a new iPhone app called eBay Exact that lets users customize jewelry and accessories that will then be 3D printed and sent to them. This is just one of many examples of how far 3D printing has come in the past few years and gives a hint of where it could go next.

The app is simple: Once you open it, you see several items from 3D printing companies MakerBot, Sculpteo, and Hot Pop Factory: mostly jewelry and iPhone cases, plus a few other items. You pick an item and, if allowed, you are able to modify a few features like the pattern, material, shape, or color.

Available items are mostly made from plastic and metal. Users pay via eBay-owned payment service PayPal, and the purchase arrives within a week or two.

Since eBay already offers a number of popular and trusted apps, consumers may be more likely to find out about this one than other 3D offerings. They may be more willing to try it, too. I have been interested in 3D printing capabilities for a little while. It’s not hard to imagine 3D printing becoming a part of eBay’s core business, with sellers of accessory products in particular (like smartphone cases) offering a wide range of customizable options.

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There’s An App for That

Mobile devices and the apps people use with them are changing how consumers interact with information. The programming and development trend of creating small apps that accomplish a specific function will also change how business programs are developed.

phone-apps

Why aren’t our agency systems more like Facebook?

Facebook is easy to use, and it’s a robust tool. Grandparents can browse pictures of their grandchildren in a matter of minutes, while teenagers manage their entire social lives from the site. Furthermore, Facebook is free. So why isn’t agency software more like Facebook?

The insurance industry is not known for fast innovation. Yet all of us are competing in an environment where apps developed for the consumer and small business market are innovating at a breakneck pace. As a result, we’re seeing more and more of those consumer tools finding their way into the workplace.

In the not-too-distant future, agencies will be able to purchase only the apps that they want for their organizations. These apps will accomplish a single purpose and will communicate with one another. There will be an app for customer information, one for policy detail, one for claims administration, one for mobile access for both producers and clients, and who knows what else. The list of apps will only be limited by the imagination of users and developers.

Instead of having to purchase one monolithic expensive program that does everything for everyone, agencies will be able to build their own customized products that do exactly (and only) what they need.

Here are some lessons that agency system vendors need to learn from the vibrant and innovative consumer Web apps market.

  • Foster innovation through third parties. Open up your systems. Innovation won’t come solely from within a single company. By having open and documented Application Program Interfaces (APIs), a vendor encourages third parties to build upon and enhance their products. Salesforce.com is a great example of fostering innovation by opening a core program to outside developers.
  • Release early; iterate often. The release cycles of traditional vendor software are way too drawn out, which means the software isn’t as nimble or able to respond to new techniques and technology as it should be. If you are not slightly embarrassed when it is released you have waited too long.
  • Ease of use matters. Some agency software systems could be described as, well, a bit clunky, usually requiring extensive training to use. On the other hand, apps in the consumer space tend to be very well designed, with a great deal of care paid to making them easy to use.
  • Use social features to encourage adoption. Users can be resistant to fitting new tools or features into their workflow. By taking cues from the social features found in apps like Facebook, developers can encourage users to embrace new applications.

Part of the problem also lies with how agencies tend to adopt new tools. The ease with which information can be shared on a site like Facebook can run counter to many organizations’ internal cultures. The mindset of an agency (and the rest of the industry) must change from being rigidly hierarchical and siloed towards being more open, flat, and transparent. Companies now have the ability to change the way their employees work.

What can you do? Begin to understand apps by personally using an iPhone or Android-based smartphone, or use a tablet like an iPad or Galaxy Tab. Unfortunately, a BlackBerry doesn’t count, as its apps are so universally poor. As you start using apps, you will begin to understand the transformation taking place.

Today, companies like Facebook, Twitter, and YouTube have transformed the way people communicate and collaborate, globally. In five years (or less?), how agencies communicate and collaborate with everyone will also be transformed because “there will be an app for that.”

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Starbucks Expanding Mobile Payment Program

Starbucks has been testing a program launched in September of last year for users with iPhones. The program allows customers to pay for their purchases via their mobile devices using a special Starbucks Card mobile application. The app was initially accepted at just 16 Seattle and San Francisco area stores.

In March, the company expanded the program to include 1,000 Target stores across the United States. CEO Howard Schultz announced this week that they would soon be expanding its mobile payment program to more stores over the coming months.

After entering a Starbucks card number in the application, the Starbucks Card app displays a barcode which can then be shown at checkout in lieu of handing over a physical card to be swiped. The app also allows customers to check their card’s balance, view transactions, and reload the card with new funds.

It will be interesting to watch this sort of mobile payment system as it expands outside of the very tech-savvy areas where it has been initially tested. Will mainstream users adopt this system in large numbers? Will it really be more efficient? Or will you be stuck in line behind folks who are fiddling with their phones? Time will tell.

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Helping Agents Stay Ahead in the Technology Game

As I travel across the country talking to agents, the question I hear most often is, “Can you just give us a couple quick tips on the top things we can do right now to make our agency more profitable and effective?”

The answer is, YES!

As an insurance technology consultant and editor, I’ve been able to discover the cool new tools, websites, gizmos and gadgets that can make your life easier, more productive, and more competitive.

I have created a new, weekly emailed newsletter — Steve Anderson’s Tech Tip — that will highlight one new “thing” that will help an agency increase productivity and effectiveness: Tech Tip is short, to the point, and quick to read.

After working with literally hundreds of agencies of every shape and size, I’ve come up with what I believe are the best agency technology resources available anywhere.

Is there a charge for Tech Tip? The answer is: NO!

This is my way of supporting agents in these trying economic times — not to mention that I really do love finding the latest gizmos and gadgets that can increase productivity — just ask my wife!

All you have to do to sign up is go to www.SteveAnderson.com and complete the simple Tech Tip subscription form on the right sidebar. Once you verify your email address, you will begin receiving the newsletter every Thursday morning. And, of course, I will never give your name out to anyone and you can unsubscribe at any time.

One more thing: As you begin to get my Tech Tip newsletter, always feel free to email me with comments, new ideas or products that have worked for you. I’ll check them out and spread the word!

Question: What technology tools do you use to gain a competitive edge and increase profitability?