In SAP Industries Live, Bob Evans sits down with SAP executives, customers, and partners to gain insights into cutting-edge innovation in the banking market and the insurance market. In today’s episode, Bob talks to Mugunthan Ganesan, Senior Manager, Sales Planning & Performance, Deloitte Consulting LLP; Lance Senoyuit, FSI Industry Advisory, SAP; and Horia Puscas, Senior Manager, Commissions, Co-operators. They discuss the urgency for insurers to overcome legacy systems and embrace modern technology, leverage generative artificial intelligence (GenAI), and adapt to constant change.
Co-operators, Deloitte, and SAP: Digital Trends in Insurance Sales
The Big Themes:
- A pivotal shift: The insurance industry is shifting towards digitization and GenAI to enhance digital transformation and sales performance management. Experts stress a holistic approach, prioritizing interconnected ecosystems for maximum benefits from modern cloud platforms. The need to provide end-to-end experiences for customers, agents, and employees emerges as a key focus.
- Generational dynamics: Ongoing studies reveal a slower adoption of life insurance among millennials compared to preceding generations. This evolving landscape presents challenges for the industry in terms of both enticing and retaining agents.
- GenAI, a major factor: GenAI is a force within the insurance sector, influencing every facet from the front-end customer interactions to the middle and back-office operations. It can provide personalized insights that enhance both customer and agent experiences. This technology can assist in addressing persistent industry challenges.
The Big Quote: “But when you don’t have that interconnected ecosystem where you’re looking at it holistically and moving the whole thing in the direction forward, you’re not going to get the full benefit of . . . these modern cloud platforms. You’re going to just get that basic table stakes, efficiency gains, and things like that. But that end-to-end experience that you want to provide your customers, your employees, and your agents, it’s not going to come together if you don’t try to prioritize and manage all of these things at the same time and not lose focus on all the different areas that you’re doing business in.”