Afleveringen
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In this episode of Life Accelerated, host Olivier LaFontaine sits down with Andrew Kramer, VP and Head of Underwriting Risk & Innovation of M Financial Group, to discuss how innovation is reshaping underwriting and risk management in life insurance.
Andrew breaks down the innovative steps M Financial Group is taking to streamline underwriting processes, from embracing electronic health records to championing industry-wide data standardization. He shares how the company is tackling the challenges of high-net-worth insurance, balancing risk-sharing with the need for personalized service. This conversation provides insights into how digital transformation is reshaping customer experiences and creating efficiencies in one of the most complex areas of insurance.
Key Takeaways:
Rushing into digital transformation without standardization creates inefficiencies. Digital innovation isn’t just about speed—it’s about enhancing decision-making. Embracing digital standards can transform the underwriting process.Jump Into the Conversation:
(00:00) Why underwriting must lean into digital transformation(02:00) What a quiet Tokyo subway teaches us about global business norms
(05:10) From reinsurance to M Financial Group
(10:00) Risk-sharing, distribution, and strategic partnerships
(15:15) How ACORD is solving inefficiencies in the value chain
(20:30) Unlocking new speed and accuracy in underwriting
(26:50) AI and the future of underwriting
(32:40) How data can sharpen distribution strategy
Resources:
Connect with Andrew Kramer: https://www.linkedin.com/in/andrew-kramer-529b4b10/ Check out M Financial Group Group: https://www.mfin.com/ Connect with Olivier: https://www.linkedin.com/in/olivierlafontaine/https://www.equisoft.com/podcasts -
In this episode of Life Accelerated, host Olivier LaFontaine sits down with Michael New, Chief Technology Officer at ClearView, to explore the realities of large-scale digital transformation in life insurance.
Michael shares his experiences leading ClearView’s migration to a modern policy admin platform, tackling legacy system challenges, and ensuring data readiness for a seamless transition. As an ultra-marathon runner, he draws compelling parallels between endurance sports and the long, strategic journey of digital modernization. From navigating data complexities to redefining the advisor experience, this conversation highlights the patience, precision, and leadership required to build a future-ready insurer.
Key Takeaways:
Rushing into transformation without a solid data foundation creates unnecessary roadblocks.
A realistic, milestone-driven roadmap is essential for managing expectations and delivering long-term impact.
Digital innovation isn’t just about efficiency—it’s about enhancing customer and advisor experiences meaningfully.
Jump Into the Conversation:
(00:00) The marathon mindset: How endurance running parallels digital transformation(03:59) Navigating ClearView’s large-scale platform migration and its challenges
(07:41) Addressing legacy data complexities and the role of SMEs in data integrity
(12:52) Lessons learned from previous migrations: Why data baseline matters
(16:57) ClearView’s strategic shift: Simplifying operations to become a dynamic challenger
(24:00) Balancing technology expectations and business realities in digital transformation
(27:49) Future focus: Enhancing advisor experience with a stronger digital presence
Resources:
Connect with Michael New: https://www.linkedin.com/in/michael-new-1959381/ Check out ClearView: https://www.clearview.com.au/ Connect with Olivier: https://www.linkedin.com/in/olivierlafontaine/ -
Zijn er afleveringen die ontbreken?
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In this episode of Life Accelerated, host Anthony O’Donnell introduces Olivier Lafontaine, Equisoft’s Chief Product Officer, as the new host of the podcast.
Olivier shares his perspective on the unique challenges facing life insurance carriers, from navigating 20-year transformation timelines to achieving vendor independence and embracing generative AI. He highlights how low-code/no-code solutions and modernizing legacy systems play a pivotal role in helping carriers adapt to market shifts and regulatory changes while maintaining long-term operational stability.
Listeners will hear Olivier’s vision for the future of Life Accelerated and his thoughts on emerging industry topics and trends that should be top of mind for them this year. Launched monthly, keep tuned as we continue to guide you through the next wave of life insurance transformation.
Key Takeaways:
Transformations in the life insurance industry are long-term and continuous, requiring thoughtful planning and adaptability.
Modernizing legacy systems and achieving vendor independence are essential steps for carriers to stay competitive and responsive to market shifts.
Generative AI and large language models will play a growing role in streamlining operations, enhancing customer interactions, and driving innovation.
Jump Into the Conversation:
(00:00) Intro of Olivier Lafontaine, Chief Product Officer at Equisoft(01:39) Olivier’s career journey
(03:07) Key themes for 2025
(04:36) Digital transformation and its role in modernizing systems
(07:00) Tackling challenges like vendor dependency in long-term transformations
(08:52) The importance of selecting adaptable technologies for lasting success
Resources:
Connect with Olivier Lafontaine: https://www.linkedin.com/in/olivierlafontaine/ -
In this special episode of Life Accelerated, host Anthony O'Donnell revisits thought-provoking conversations with some of the most influential leaders in the life insurance industry during 2024. These discussions delve into the accelerating pace of technological change and its profound impact on customer expectations, operational efficiency, and employee engagement. Through these dialogues, the episode examines how insurers are redefining traditional practices to address the shifting demands of the industry while staying true to their core mission of supporting policyholders and their families.
Featured voices such as Dora Clements of Unum, Mike Mead of CNO Financial Group, and others share valuable insights on navigating digital transformation, leveraging generative AI, and fostering a balance between cutting-edge technology and personal connection. With perspectives on empowering employees, meeting customer needs, and embracing innovation responsibly, this episode paints a compelling picture of how the industry is positioning itself for success in 2025 and beyond.
Key Takeaways:
Automation should complement but never replace the value skilled human interactions bring to the insurance process.
Consumers and employees expect seamless, user-friendly digital experiences - meeting these expectations requires companies to overcome challenges with legacy systems while leveraging new tools.
Fear of new technologies replacing jobs can be mitigated by involving employees in their adoption.
Jump Into the Conversation:
(00:00) Introduction
(01:18) What stays the same while companies evolve
(03:11) Insurance companies are doing great things with technology
(04:38) Clarifying what AI is and is not good
(05:57) The tandem match of high-tech and high-touch
(07:26) Addressing the myth that AI threatens job security
(08:15) Important industry trends that will continue into 2025
Resources:
Connect with Dora Clements: https://www.linkedin.com/in/dora-clements-6385422b/
Connect with Mike Mead: https://www.linkedin.com/in/mikemead/
Connect with Niki Manby: https://www.linkedin.com/in/nikimanby/
Connect with Jennifer King: https://www.linkedin.com/in/jennifer-king-63b4893/
Connect with Karen Leggett: https://www.linkedin.com/in/leggettkaren/
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In this episode of Life Accelerated, host Anthony O’Donnell sits down with Karen Leggett, Global Chief Marketing Officer at Manulife, for an insightful look into how AI and digital transformation are reshaping the insurance landscape.
With a rich background spanning top leadership roles in banking and insurance, Karen shares how she’s leading a customer-centric revolution, integrating AI, advanced analytics, and innovative technology to enhance customer experiences and streamline operations.Karen discusses Manulife's strategic approach to AI, sharing transformative projects like their internal AI tool, Chat MFC, which empowers employees across the organization to embrace AI for productivity and customer service. She also highlights pioneering initiatives like their behavioral insurance program and multi-cancer screening tool, showcasing how AI is not only improving operational efficiencies but also saving lives.
Listeners will gain a firsthand look at how Karen’s team has achieved significant milestones, from boosting customer satisfaction scores to transforming underwriting processes. This episode is a must for anyone interested in the future of insurance, AI integration, and leading a purpose-driven digital transformation.
Key Takeaways:
AI isn’t just about creating efficiencies through automation but building more personal connections with customers.
Establishing a value-driven, adaptable digital strategy enables companies to stay competitive and responsive in a rapidly evolving market.
Technology should support human activities that improve customers’ lives and companies’ bottom lines.
Jump Into the Conversation:
(00:00) Introduction of Karen Leggett, Global Chief Marketing Officer at Manulife
(02:15) Manulife’s innovative behavioral insurance program and its impact on customer health
(03:39) The power of AI to enhance customer experience and operational efficiency
(08:50) Striving to be the most digital customer-centric leader in the industry
(11:21) The strategic importance of AI and advanced analytics in Manulife’s operations
(18:56) Introduction of Chat MFC, Manulife’s internal AI tool, and its role in empowering employees
(25:43) Karen’s approach to fostering an adaptable, AI-ready workforceResources:
Connect with Karen Leggett: https://www.linkedin.com/in/leggettkaren/
Check out Manulife: https://www.manulife.com/ -
In this episode of Life Accelerated, host Anthony O’Donnell brings you an illuminating conversation with Richard Wiedenbeck, Chief AI Officer at Ameritas.
With a wealth of experience in the life insurance and technology sectors, Richard has seamlessly transitioned from his role as CIO to his pioneering position as Chief AI Officer. This title alone signifies Ameritas's progressive strides in adopting artificial intelligence. Richard's background makes him an authoritative voice in discussing the digital transformation landscape within the life insurance industry.
This episode offers a deep dive into how Ameritas is leveraging AI to enhance operational efficiencies, streamline underwriting processes, and improve overall productivity. Richard candidly shares real-world examples of AI applications, the importance of proper data governance, and the potential risks and rewards associated with integrating such groundbreaking technology.
By listening, you will glean actionable insights into the steps necessary for a successful digital transformation, ensuring you are not left behind in a rapidly evolving industry landscape.
Key Takeaways:Leveraging AI can streamline repetitive tasks, while drastically reducing costs and enhancing productivity and decision-making
Discovering practical steps to responsibly integrate AI into operations without compromising customer trust or regulatory compliance
Gaining insights into the transformative potential of AI, ensuring companies stay ahead of competitors and adapt to rapidly changing market dynamics
Jump Into the Conversation:[00:00:20] Introduction of Richard Wiedenbeck and his role as Chief AI Officer at Ameritas
[00:01:57] Richard’s viewpoint on AI as a crucial tool for the future
[00:03:16] The importance of AI in addressing productivity and efficiency challenges
[00:04:56] Staying informed via research and experiential learning
[00:07:01] Starting with less risky applications before tackling more complex use cases
[00:09:32] Training AI agents to navigate and interact with legacy systems
[00:13:12] Importance of accurate data sources for AI training
[00:16:37] Challenges in navigating the AI claims of various vendors
[00:18:36] Emphasizing security, risk management, and clear operational boundaries
[00:24:22] Acknowledging the transformative nature of AI and advocating for proactive engagement
[00:26:08] Closing
Resources:
Connect with Richard Wiedenbeck: https://www.linkedin.com/in/richard-wiedenbeck-6a752/
Check out Ameritas: https://www.ameritas.com/
If you are starting your digital transformation journey, check out these e-books:
How To Kick Off a PAS Modernization Project, the Right Way: Insights From a Veteran Project Manager https://hubs.li/Q02rP_6z0
Critical Resourcing Decisions that Ensure the Success of Your PAS Modernization Project https://hubs.li/Q02rP_D10
The Reality Behind SaaS Policy Admin Vendor Claims. A Roadmap to Success https://hubs.li/Q02rP_Jf0
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Host Anthony O'Donnell sits down with Jean Olive, CIO of John Hancock, to discuss the company's impressive journey towards digital transformation and its focus on enhancing customer experience.
Jean shares her engineering background and diverse industry experience, discussing John Hancock’s mission to promote long, healthy lives through innovative initiatives like vitality behavioral insurance. The discussion covers the significant role of AI and data-driven strategies in revolutionizing underwriting, sales applications, and overall customer satisfaction.
In this episode, listen to how John Hancock is embedding AI into its applications, establishing a data lake to improve data governance, and moving towards cloud-based solutions. Jean emphasizes the importance of nurturing internal talent, creating a culture of continuous learning, and aligning the company's mission with employee and policyholder well-being.
Listen for insights on John Hancock's commitment to industry-shaping innovations, engaging talent, and modernizing infrastructure amidst a rapidly evolving technological landscape.
Key Takeaways:
Leveraging AI tools like GitHub and Power Apps, along with strong data governance and a data lake, enhances underwriting processes and customer satisfaction.
Implementing a "build borrow buy" strategy and creating a culture of continual learning are critical for developing and retaining top talent in an evolving technological environment.
Focusing on digital transformation, moving applications to the cloud, and closing mainframe data centers streamline operations and improve the customer experience.
Jump into the Conversation:
[00:01:07] Introduction of Jean Olive and her role at John Hancock
[00:06:47] Jean’s experiences and how that has benefitted her in her role
[00:09:12] What John Hancock is working on inventing now
[00:12:08] How Jean and John Hancock are working on a seamless customer experience
[00:15:48] How John Hancock is thinking about product development
[00:16:56] Where AI fits in John Hancock's digital vision
[00:21:14] Challenges related to preparing the data for AI
[00:23:17] How the company is keeping people and culture first while innovating
[00:28:36] How John Hancock is living up to their mission
[00:30:07] Closing
Resources:
Connect with Jean Olive: https://www.linkedin.com/in/jeantolive/
Check out John Hancock: https://www.johnhancock.com/index.html
If you are starting your digital transformation journey, check out these e-books:
How To Kick Off a PAS Modernization Project, the Right Way: Insights From a Veteran Project Manager https://hubs.li/Q02rP_6z0
Critical Resourcing Decisions that Ensure the Success of Your PAS Modernization Project https://hubs.li/Q02rP_D10
The Reality Behind SaaS Policy Admin Vendor Claims. A Roadmap to Success https://hubs.li/Q02rP_Jf0
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Host Anthony O'Donnell welcomes Niki Manby, Chief Strategy and Innovation Officer at Mutual of Omaha to share the remarkable journey of the company’s digital transformation that has boosted the success of the company.
Niki shares her extensive experience in financial services and fintech, showcasing how she's driving change and ensuring the company remains competitive and customer-focused. They explore the unique challenges of the insurance sector, the impact of agile methodologies, and the potential of emerging technologies such as AI to revolutionize the industry.
In this episode, you’ll hear insights from Niki's background and her strategic vision for integrating insurtech capabilities to foster an innovation culture within large enterprises.
Key Takeaways:
Build an innovation culture centered around solving customer problems rather than just business problems to foster innovation within the organization.
Use Agile and the Scaled Agile Framework (SAFe) to align business priorities with technology efforts to facilitate continuous communication and iterative improvements.
Adopt a balanced approach to InsurTech partnerships to lead to more effective innovation.
Timestamps
[00:02:03] Introduction of Niki Manby and her role at Mutual of Omaha
[00:05:01] Challenges in aligning strategy and innovation in insurance
[00:06:24] How digital innovation can be applied to the life insurance industry and innovation opportunities
[00:11:01] How to create a culture of innovation starting with customer problem-solving and fostering curiosity
[00:14:19] Addressing alignment between business priorities and technology through Agile methodology
[00:19:13] Impact of AI, specifically generative AI, on the insurance industry
[00:20:52] The importance of governance and controls in AI
[00:21:18] Summary by Anthony on the importance of embedding an innovation culture, integrating insurtech, and the potential of GenAI
Resources:
Connect with Niki Manby: https://www.linkedin.com/in/nikimanby/
Check out Mutual of Omaha: https://www.mutualofomaha.com/
If you are starting your digital transformation journey, check out these e-books:
How To Kick Off a PAS Modernization Project, the Right Way: Insights From a Veteran Project Manager https://hubs.li/Q02rP_6z0
Critical Resourcing Decisions that Ensure the Success of Your PAS Modernization Project https://hubs.li/Q02rP_D10
The Reality Behind SaaS Policy Admin Vendor Claims. A Roadmap to Success https://hubs.li/Q02rP_Jf0
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Great leaders in digital innovation often start their journey in diverse fields. Dora Clements is an exceptional leader at Unum whose impressive journey from entertainment law to overseeing transformative initiatives at the 175-year-old company is a testament to the potential for multidisciplinary approaches in driving organizational change.
Host Anthony O’Donnell speaks with Dora, the Senior Vice President of Transformation, in this episode about how Unum is leveraging digital technologies to transform its operations, enhance customer experiences, and stay competitive in the ever-evolving life insurance industry. With an extensive operational strategy and technology integration background, Dora brings a wealth of knowledge on how traditional insurance practices can be seamlessly merged with cutting-edge digital solutions to foster efficiency and superior customer experience.
They discuss Unum's ambitious digital transformation journey, highlighting its innovative strategies for enhancing customer experiences and maintaining competitiveness in a rapidly changing market. Dora shares the groundbreaking initiatives that Unum has implemented, such as their advanced self-service portals and real-time customer satisfaction analytics. She also explores Unum's commitment to data integrity and responsible AI adoption, providing valuable insights for decision-makers in the life insurance sector eager to embark on or refine their digital transformation journeys.
Key Takeaways:
Leveraging digital technologies enhances efficiency and customer satisfaction, setting new industry standards through innovative practices and a commitment to transformation.
Data integrity and advanced analytics play pivotal roles in driving effective digital solutions that improve business outcomes and user experiences within the life insurance sector.
Building high-performing teams equipped to manage change, foster innovation, and seamlessly bridge the gap between business operations and technology is crucial for successful digital transformation.
Timestamps:
[00:00] Introducing Life Accelerated
[01:42] Intro to Dora's journey and digital transformation milestones of Unum
[05:43] The connection between organizational psychology and industrial psychology to digital transformation
[07:00] The “three-legged stool” model as a disciplined way to transform
[08:52] The importance of communication and collaboration across teams
[10:55] How Unum is transforming to meet the objective of living their mission in today’s technologically-focused world.
[12:34] Unum’s focus on customer satisfaction and “My Unum” portals
[16:05] The importance of data integrity and architecture; the utilization of data analytics to improve customer experience and business results
[19:32] Exploration of AI and it’s future implications
[20:18] Change management by coaching and cultivating high-performing teams at Unum
[23:25] Unum’s focus on connectivity, data quality, and customer experience.
[25:21] Final thoughts from Anthony O’Donnell
Resources:
Connect with Dora Clements: https://www.linkedin.com/in/dora-clements-6385422b/
Check out UNUM: https://www.unum.com/
If you are starting your digital transformation journey, check out these e-books:
How To Kick Off a PAS Modernization Project, the Right Way: Insights From a Veteran Project Manager https://hubs.li/Q02rP_6z0
Critical Resourcing Decisions that Ensure the Success of Your PAS Modernization Project https://hubs.li/Q02rP_D10
The Reality Behind SaaS Policy Admin Vendor Claims. A Roadmap to Success https://hubs.li/Q02rP_Jf0
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Host Anthony O'Donnell welcomes back Kevin Cummer, Director of Life Products, and Nick Rohan, Director of Partner Management at TruStage Insurance to share the remarkable journey of TruStage’s digital transformation, which has not only redefined their brand but also set new benchmarks in the insurance industry.
Kevin and Nick take us through the evolution of TruStage, from its roots as CUNA Mutual Group, primarily serving credit unions, to its current position as a major player in the direct-to-consumer insurance market. They discuss the strategic rebranding of TruStage and how it has unified its offerings under a single, powerful identity, making it easier for customers to navigate and for the company to communicate its mission of making brighter financial futures accessible to everyone. They share industry insights to guide you toward more intelligent and effective strategies for digital transformation within your organization.
Key Takeaways:
Simplifying the insurance process through technological innovations, such as developing comprehensive API suites, can significantly enhance customer satisfaction and improve conversion rates.
Securing strong senior leadership support is essential for overcoming organizational inertia and resource allocation challenges, ensuring successful digital transformation initiatives.
Implementing innovative distribution strategies and simplifying the insurance buying process can lead to substantial business growth, as demonstrated by TruStage's success in doubling its life insurance business and reaching $5.6 billion in in-force coverage.
Timestamps:
[01:59] Intro to TruStage's journey and digital transformation milestones
[03:17] The importance of unifying under a single brand for consistency and digital capabilities
[04:21] Achieving major milestones in API suite for real-time purchasing experience
[7:00] Strategic integration with partners and the importance of a compelling business case
[10:02] Organizational commitment and support from senior leadership
[10:56] Embracing data-focused decision-making and expanding distribution
[13:04] Integrating product and capability roadmaps to enhance distribution and accessibility
[17:04] Utilizing instant decision underwriting to streamline the customer experience
[18:08] Ways TruStage is thinking about reaching customers
[22:17] Significant growth and success in new distribution approaches
Resources:
Connect with Kevin Cummer: https://www.linkedin.com/in/kevin-cummer-5b728b1a/
Connect with Nick Rohan: https://www.linkedin.com/in/nick-rohan-1337935/
Check out TruStage: https://www.trustage.com/
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Jessica Austin Barker, TIAA's Chief Digital and Client Experience Officer, sits down with host Anthony O’Donnell for this latest episode of Life Accelerated. Jessica’s acumen, honed through her tenure at Intuit and now as a leader at TIAA, is steering the financial institution toward new horizons of client engagement.
Jessica brings a profound understanding of the complexities in the financial and retirement planning sectors and a commitment to bridging innovative digital strategy with a personal touch vital to these industries. The episode guides listeners through TIAA's emphasis on capability building, the responsible implementation of AI, and the crucial balance of digital and human elements in sensitive fields.
Hear insights invaluable to the industry as you navigate toward smarter, more impactful approaches to digital evolution within your organization.
Key Takeaways:
A design-led strategy that actively involves multiple disciplines allows for the reduction of constraints in thinking, encourages customer-focused innovation, and is crucial for creating exceptional client experiences.
Reimagining the client experience, especially in retirement and financial services, has been spearheaded by implementing organizational changes, developing capabilities in data and analytics, and re-engineering a company ethos where employee participation plays a pivotal role.
AI offers prospects for increased efficiency and personalized financial advice, but there's a clear need to humanize digital spaces, given the sensitivity of retirement planning.
Timestamps
[00:00] Introduction to the episode
[03:22] Jessica’s transition from Intuit to TIAA
[04:32] Starting with solving basic customer problems
[06:29] Improving customer focus through immersive client experiences
[10:39] Experience with data platforms and increasing data acumen
[12:10] Striving for personalized experiences in financial advising
[15:18] The core principles of being an AI-first company
[17:55] The importance of customers and facilitating digital and human intersection
[22:15] Why design is crucial for creating great experiences
[24:07] Creating positive emotion for customers and solving problems effectively
[25:54] Closing thoughts
Resources:
Connect with Jessica Austin Barker: https://www.linkedin.com/in/jessica-austin-barker/
Check out TIAA: https://www.tiaa.org/public/
If you are starting your digital transformation journey, check out these e-books:
How To Kick Off a PAS Modernization Project, the Right Way: Insights From a Veteran Project Manager https://hubs.li/Q02rP_6z0
Critical Resourcing Decisions that Ensure the Success of Your PAS Modernization Project https://hubs.li/Q02rP_D10
The Reality Behind SaaS Policy Admin Vendor Claims. A Roadmap to Success https://hubs.li/Q02rP_Jf0 -
Host Anthony O’Donnell is joined by Mike Mead, the Chief Information Officer of CNO Financial Group, in this episode of Life Accelerated. With over 25 years of experience in the insurance and technology industry, Mike has been instrumental in digital transformation initiatives, enabling CNO to adapt and thrive in the rapidly evolving landscape of life insurance and financial services.
Mike shares valuable insights into the role of technology in reshaping the customer experience, streamlining operations, and propelling business growth. The episode delves into CNO's innovative approach to digital transformation, from the intricacies of modernizing customer website tools to the strategic implementation of AI technologies.
Gain valuable perspectives and actionable strategies to navigate the complexities of integrating technology into the heart of your operations as you embark on your own digital transformation journey.
Key Takeaways:
Transforming culture is key. Foster accountability, trust, and fluency in AI across the employee base to accelerate technology growth and ensure long-term success in a digital transformation journey.
Seamlessly merging direct-to-consumer and agent experiences is crucial for meeting consumer expectations and driving success in the life insurance market's digital moment.
Prioritize people over process and technology. Building the right team culture and empowering employees fuels technological advancements and shapes the future of life insurance.
Timestamps
[00:00] Introduction to the episode
[00:12] Mike’s diverse career, global leadership, and looking for opportunity
[06:00] The importance of learning and listening in the first 90 days
[08:07] The challenges with waterfall delivery and departmental segmentation
[11:11] Why insurance companies should focus on enhancing customer experience
[14:48] How launching myhealthpolicy.com was a big success
[18:20] Mike’s big life lesson on accountability
[22:47] Implementing AI fluency for future success
[24:14] Closing
Resources:
Connect with Mike Mead: https://www.linkedin.com/in/mikemead/
Check out CNO Financial Group: https://www.cnoinc.com
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In this episode of Life Accelerated, host Anthony O’Donnell revisits some conversations from the past year all about practical approaches to digital transformation. He highlights ideas and insights from five visionaries in the life insurance industry — Santhosh Keshavan of Voya, Jeff Donaldson at Mutual of America, Deb Waters at Aegon, Ryan Downing at Principal Financial Group, and Bill Pappas with MetLife.
As the industry continues to evolve rapidly, these experts bring a wealth of experience and knowledge to the table, shedding light on the challenges of modernizing infrastructure, reshaping customer experiences, and aligning technology with an organization's purpose.
Discover actionable insights and strategies from the digital transformation in life insurance as we delve into this industry-wide shift.
Key Takeaways:
The shift towards digital transformation in the life insurance industry is driven by the imperatives of innovation and agility.
Embracing the cloud, leveraging customer feedback for improvement, modernizing infrastructure, and fostering a customer-centric mindset can enhance user experiences.
Aligning technology with the organization's overarching purpose is crucial for driving innovation, differentiation, sustainability, and growth in the life insurance industry.
Timestamps:
[00:00] Introduction to the episode
[01:14] Santhosh Keshavan’s case for the cloud
[03:10] Ryan Downing’s words on AI and the customer experience
[05:04] Jeff Donaldson’s Route 66 strategy to modernize the core platform
[07:13] Deb Waters’s take on creating a seamless client experience
[09:51] Bill Pappas’s five strategic pillars for framing technological priorities
[12:30] Closing
Resources:
Connect with Santhosh Keshavan: https://www.linkedin.com/in/santhoshkeshavan/
Connect with Jeff Donaldson: https://www.linkedin.com/in/jeffreydonaldson/
Connect with Deb Waters: https://www.linkedin.com/in/debbie-waters-41b90a1/
Connect with Ryan Downing: https://www.linkedin.com/in/cxcio/
Connect with Bill Pappas: https://www.linkedin.com/in/bill-pappas-9a35048/
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Since the late 1800s, Boston Mutual Life Insurance has transitioned from a service-focused to a customer-care-driven team, emphasizing the importance of balancing technology and human touch in the digital transformation journey.
Jennifer King, Vice President of Customer Experience at Boston Mutual, is at the helm of Boston Mutual's digital transformation effort. She speaks with Life Accelerated about how she has spearheaded the alignment of technology, customer experience, and operational excellence in the life insurance industry.
This episode is a must-listen for anyone looking to accelerate their organization's journey toward a digital future.
Key Takeaways:
Understand the importance of aligning digital transformation with customer needs, industry standards, and employee capabilities. Learn the significance of insourcing core capabilities to drive competitive differentiation and have control over technology, processes, and customer service. Gain insights on winning employees' hearts and the impact on customer-centric culture.Timestamps:
[00:00] Introduction to the episode
[00:17] The history of Boston Mutual Life Insurance Company
[02:20] Jennifer’s 44 years of insurance experience and background in management
[03:15] Leading strategic transformation and fostering a customer-centric culture
[06:29] Transforming disciplines, legacy systems, and resources
[11:12] Modernizing systems crucial for customer care efficiency
[14:47] Selecting and preparing a new core system process
[19:31] Digital transformation for efficient scaling and updates
[21:44] Balancing automation with a human touch
[24:07] Maintaining a change mindset with agility for the future
[25:57] Closing
Resources:
Connect with Jennifer on LinkedIn: https://www.linkedin.com/in/jennifer-king-63b4893/
Learn more about Boston Mutual: https://www.bostonmutual.com/
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After 150 years in the business, Sun Life U.S. has developed a keen digital strategy that integrates technology and business operations while boosting client engagement and revitalizing its approach to healthcare connectivity, benefits management, and client satisfaction.
Paula Bartgis, Chief Information Officer at Sun Life U.S., is leading the company in this transformation and joins Life Accelerated to discuss developing the Sun Life Onboard platform and leveraging AI in call centers to digitally overhaul the life insurance sector.
Listen in to learn how Paula Bargis and Sun Life U.S. are demystifying the process of a digital-first ethos in their life insurance endeavors.
Key Takeaways:
A client-centered digital transformation strategy can increase efficiency and satisfaction.
Transformational leadership values flexibility, team empowerment, and the creation of a fail-fast culture pivotal for sustaining long-term digital innovation.
Digital initiatives positively impact organizational growth, from improved client engagement and sales to enhanced employee satisfaction and development.
Timestamps:
[00:00] Introduction to the episode
[00:12] Paula’s career span
[01:38] Background on Sun Life U.S.
[05:41] Digital transformation within Sun Life U.S.
[08:32] The importance of methodology
[11:49] How Sun Life U.S. measures transformational value
[14:25] When Paula joined Sun Life U.S. and how different it was back then
[17:43] The significance of Sun Life U.S. Onboard
[21:33] Providing a safe environment for your organization to grow
[22:48] Paula’s perspective on project management
[26:05] Learning as a team and allowing room for mistakes within company culture
[27:42] Shifting employees as needed to upskill
[30:51] Closing
Resources:
Connect with Paula on LinkedIn: https://www.linkedin.com/in/paulabartgis/
Learn more about Sun Life U.S.: https://www.sunlife.com/us/en/
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John Hancock holds a distinguished position in the wealth and asset management space and offers a range of life insurance products exclusively through intermediaries. With over 160 years of experience, John Hancock is committed to delivering products that are easy to buy and enjoyable to own.
Susan P. Roberts, the Head of Strategy and Transformation at John Hancock, joined the Life Accelerated podcast to discuss the digital journey of John Hancock and the pivotal role digitalization plays in shaping the life insurance industry. Through the lens of behavioral insurance, Susan shares how digital transformation is redefining the insurer-policyholder relationship and championing the mission to help customers lead longer, healthier lives.
Tune in to glean actionable strategies, innovative approaches, and thought leadership of the transformative landscape of digitalization within the life insurance domain from Susan P. Roberts.
Key Takeaways:
Placing policyholders, caregivers, and distribution partners at the center of digital initiation for a seamless, personalized experience.
Foster a spirit of innovation by leveraging behavioral insurance to drive meaningful interactions with customers.
Prioritize data to build tailored experiences for customers across their interactions with your company with foundational digital strategies.
Timestamps:
[00:00] Introduction to the episode
[01:43] Breakdown of John Hancock’s role in today’s market
[02:49] Susan’s role at John Hancock and career background
[05:35] How and why John Hancock is digitizing the insurance experience
[10:56] The underlying foundation of digital transformation
[11:53] Focus on personalized digital experiences for policyholders
[14:46] Educating and engaging customers with a digitalized behavioral insurance approach
[17:59] Exploration of how generative AI shapes customer service
[19:22] The mission of John Hancock
[20:16] John Hancock grows talent and partnerships to expand
[22:08] How prioritizing customer needs leads to strategic decision-making
[24:13] Closing
Resources:
Connect with Susan on LinkedIn: https://www.linkedin.com/in/susanperkinsroberts/
Learn more about John Hancock: https://www.johnhancock.com/
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Legal & General America is one of the nation's strongest life insurers, ranked number two for term life insurance providers in the US. Their sole focus is to safeguard families' financial well-being — and it has been for more than 70 years.
Fred Tavan, SVP and Chief Pricing Officer at Legal & General America joined the Life Accelerated podcast to share the importance of constantly reinventing yourself to stay ahead in a rapidly changing world, Legal & General America’s mission to offer good value life insurance coverage to as many US families as possible, the importance of embracing innovation and an omnichannel approach, and more.
Tune in to hear Fred and Legal & General America’s secrets on how they are taking over the life insurance industry.
Key Takeaways:
Continually reinvent yourself, embrace change, and seek personal and professional growth opportunities.
Embrace innovation and disruption to stay ahead of industry trends and leverage new technologies.
Be adaptable and responsive to market demands to reach and serve customers effectively.
Timestamps:
[00:00] Introduction to the episode
[00:47] Where Fred began in his career and his experiences along the way
[04:28] Who Legal & General America is, and what they’re aiming to do
[05:55] What Fred’s job is, and what it consists of
[08:32] Legal & General America’s omnichannel strategy
[12:05] What Fred sees as the opportunities for disruption and what is the role of innovation in LGA strategy
[14:27] How Fred would summarize the competitive environment for term life
[17:20] How important digital transformation is for reshaping the term life market
[18:20] How LGA has been succeeding in the past couple of years
[19:33] What success looks like for LGA within the next few years
[22:34] If Fred thinks term life as having more of an emphasis on the health and longevity of the policyholder rather than just their mortality
[23:48] Where we can expect LGA to rank in the term life market in the next five years
[24:33] Closing
Resources:
Connect with Fred on LinkedIn: https://www.linkedin.com/in/fred-tavan-022b2b9b/
Learn more about Legal & General America: https://www.lgamerica.com/
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Equitable is a financial service company with a legacy of helping people look forward with courage, strength, and wisdom. This company has established itself as a leading provider of financial advice, protection, and retirement strategies, with 2.8 million clients nationwide.
Hector Martinez, Head of Life Insurance at Equitable, joined the Life Accelerated podcast to share why the life insurance industry needs to adapt and improve its processes to meet the changing expectations of consumers. Hector also discusses how technology, such as AI, can play a crucial role in streamlining underwriting and freeing up underwriters' time to focus on assessing risks, how the role of financial advisors remains important in the purchase and ownership of life insurance, and more.
Listen in to hear how Hector and Equitable are utilizing technology to disrupt the Life Insurance market.
Key Takeaways:
Use tech guidance, navigation of choices, and understanding of how the product fits into the client's financial plan, and technology is a tool to enhance this.
AI and advanced underwriting technologies can provide a higher level of self-service and streamline the insurance buying process.
Despite technological advancements, the role of advisors and financial professionals remains significant in the life insurance industry.
Timestamps:
[00:00] Introduction to the episode
[01:45] Who Equitable is
[02:56] Hector’s professional background and how he got to Equitable
[05:27] How Hector sees technology as a tool in achieving his objectives
[10:06] The various ways Equitable distributes life insurance products
[12:45] Digital transformation can enhance the sales processes
[14:52] The importance of getting life insurance when young
[16:00] Advantages and challenges Hector has been seeing for Equitable
[17:25] How Hector thinks of digital transformation as a competitive imperative
[19:47] Why life insurance companies should empower their advisors to become their very best
[21:38] Hector's view on some of the most important technologies that are shaping the insurance value chain
[23:44] How AI can play a part in life insurance
[25:14] Where digital transformation is taking Equitable
[27:19] Closing
Resources:
Connect with Hector on LinkedIn: https://www.linkedin.com/in/hemartinez/
Learn more about Equitable: https://equitable.com/
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Principal Financial Group is an American global financial investment management and insurance company who helps people create the kinds of lives they dream about, empowered by financial security and stability. But how do they approach their mission through a digital perspective?
Ryan Downing, Vice President and Chief Information Officer of Enterprise Business Solutions at Principal Financial Group, discusses how technology, automation, and AI can enhance the customer experience, Principal Financial Group’s efforts towards evolving their focus from contracts to customers, the connection between employee experience and customer experience, and more.
Hear how Principal Financial Group is embarking on a digital transformation journey through keeping their customers in the center of it all.
Key Takeaways
Digital transformation is about shifting the focus from contracts to customers, putting them at the center of business processes.
Automation and AI can enhance the customer experience, but it's crucial to maintain a balance with the human element.
A strong employee experience is essential for delivering a positive customer experience. Both are interconnected and drive business success.
Timestamps
[00:00 - 03:45] Introduction to Ryan Downing and Principal Financial Group
[03:45 - 06:39] How Ryan Downing’s Role and Principal Financial Group has evolved over the years
[06:39 - 07:42] Ryan’s perspective on digital transformation
[07:42 - 09:11] How Principal Financial Group has shifted their focus from contract to customer
[09:11 - 12:10] How the employee and customer experience are related
[12:10 - 13:11] How Principal Financial Group creates a customer-centric culture
[13:11 - 15:30] What Ryan thinks the phrase “digital first” means
[15:30 - 19:22] Ryan’s views on the role of AI in a digitally transformed customer experience
[19:22 - 21:28] Principal Financial Group’s most important and recent digital initiatives
[21:28 - 23:28] Ryan’s four indispensable digital transformation initiatives that he’s driving
[23:28 - 27:33] How Ryan sees the role of the human element in a high functioning IT organization as he approaches his job as its leader
[27:33 - 28:39] Closing
Resources
Connect with Ryan on LinkedIn: https://www.linkedin.com/in/cxcio/
Learn more about Principal Financial Group: https://www.principal.com/
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Jeff Donaldson, SEVP and Chief Digital Officer of Mutual of America Financial Group, is responsible for leading the company's digital strategy and initiatives, he played a crucial role in driving technological innovation and enhancing customer experiences within the organization. He shares the strategic decisions and initiatives undertaken by the company to embrace digital transformation and meet the evolving needs of their customers.
On this episode of Life Accelerated, Jeff Donaldson shares the company's journey towards digital transformation. He highlights the importance of addressing core business areas such as customer relationship management, core record-keeping systems, enterprise data utilization, and artificial intelligence. Jeff explains how the company adopted the Route 66 strategy, consisting of six IT strategies and six guiding principles, to drive their transformation while emphasizing the need to educate senior leadership, build digital capabilities, and transform culture to support long-term growth and improve customer experience. Through insights and experiences gained from working with various companies, Jeff brings valuable perspectives on the intersection of technology and personalized service in the financial services industry.
Key Takeaways
Digital transformation involves more than just implementing new technology; it requires a focus on culture, people, organization, and products.
Through the Route 66 strategy, Mutual of America was able to tackle over 40 different initiatives and make significant changes to their operations.
The success of digital transformation relies on getting support from the board and executive leadership.
Timestamps
[00:00 - 02:54] Introduction to Jeff Donaldson and Mutual of America Financial Group.
[02:54 - 04:41] Why Mutual of America Financial Group is undertaking digital transformation.
[04:41 - 10:31] The technologies that Mutual of America Financial Group adapted during their digital transformation.
[10:31 - 13:03] Why Jeff Donaldson was the right fit for leading digital transformation for Mutual of America Financial Group.
[13:03 - 14:17] Why digital transformation and collaboration needs to happen in all areas of the business.
[14:17 - 16:41] The challenges of digital transformation that Mutual of America Financial Group experienced.
[16:41 - 20:26] The Route 66 plan and the guiding principles around that.
[20:26 - 23:07] Mutual of America Financial Group’s 6 principles and why they were important to their strategies.
[23:07 - 25:21] How today’s IT delivery compares to the past.
[25:21 - 26:16] What kind of a company Mutual of America Financial Group is today as a result of its digital transformation work.
[26:16 - 27:03] Closing.
Resources
Connect with Jeff on LinkedIn https://www.linkedin.com/in/jeffreydonaldson/
Learn more about Mutual of America https://www.mutualofamerica.com/
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