5 Insurance Takeaways from Microsoft’s Fall Events
Microsoft’s Focus on Insurance on Full Display at InsureTech Connect
By providing the essential technologies that enable insurers to deliver higher levels of customer service and achieve more, Microsoft continues to establish itself as a major player in the insurance industry. This fall, Microsoft was a proud gold-level sponsor at InsureTech Connect, one of the largest digital insurance conferences in the world. Attendees include insurance carriers of all sizes, leading tech entrepreneurs, and investors — all seeking to learn more about the accelerating pace of digital transformation. With additional stops at the Dig In Analytics and AI Conference and the Connected Insurance USA Summit, 2019 was certainly a year spent highlighting the future of the insurance industry.
Even with thousands attending each conference, not everyone can make the trip, so we collected the five critical points from our 2019 Fall tour.
- Microsoft delivers differentiated policyholder experiences
In 2019, we helped insurers exceed customer expectations and improve experiences across all touchpoints. Dynamics 365 can enable 360-degree views of internal and external data to predict customer needs and provide custom solutions. Now, AI and cognitive capabilities can augment human ingenuity to meet customers where they are. Democratized data and streamlined customer service can create unlimited opportunities to personalize the policyholder experience in 2020.
- Microsoft helps modernize core insurance systems
Demos of Dynamics 365 and Microsoft 365 highlighted the benefits of moving core systems to the cloud and the importance of adopting SaaS for core applications, including:
- Faster deployment speed
- Unique capabilities and features
- The ability to sunset existing applications
- A shift to a variable cost model
- Overall cost reduction
Dennis Vanderlip, Microsoft’s Director of Business Strategy, Insurance, also shared why insurance carriers are moving their systems to Azure. As the trusted business partner in innovative insurance technology, Microsoft offers deep expertise in both on-prem and cloud solutions and features a diverse range of industry-leading enterprise partnerships. This expertise, paired with over 90 compliance certifications and 54 Azure regions worldwide helps insurers scale the efforts at a global level with expert support at any moment.
- Azure improves risk modeling speed and scale
Jonathan Silverman, Director, Insurance Industry Solutions, shared how insurance carriers are using Azure to improve predictive modeling and enhance risk management, price policies more effectively, optimize financial positions, and achieve faster risk analytics. Now insurers can scale compute capacity based on actual needs and deliver outputs faster. Insurers can also gain insights to better allocate capital and reserves across lines of business.
- Microsoft empowers employees and agents with secure collaboration tools
Mobility was front and center in 2019. Insurance workers want the option to work anywhere, at any time and employees and agents are both being asked to join teams that are more diverse across geographies, roles, organizations, abilities, and generations. To do this, they need the tools and digital workspaces to communicate, access their data, and stay productive. Microsoft demonstrated how our new everyday AI technology in Microsoft 365 helps employees maximize productivity in this new environment. AI can help streamline routine tasks and processes, improve data analysis to drive better decision making and manage information overload, and address security issues caused by workplace flexibility and the proliferation of devices.
- Customers experience the App in a Day Workshop (and you can too!)
Attendees at InsureTech Connect were able to attend our popular App in a Day Workshop. Ideal for anyone who builds apps, these guests discovered the new way insurers are building software in a low code/no-code platform while rapidly reducing development backlog. Patrons were exposed to Microsoft’s fastest-growing toolset to start creating quickly and received expert insights into application governance along with best practices and real-world success stories.
Want to see these industry innovations for yourself? Visit our calendar of events and locations to catch your own App in a Day Workshop or any one of our other excellent learning events.
