We’ve all heard it: the life insurance industry is changing. The transition to digital is upon us; the use of electronic apps has almost doubled in the last 18 months and we conduct more and more of our lives on the web.
Every single company begins with an idea. An idea that evolves into a plan, and hopefully comes to fruition. The journey from “idea” to “viable business” is a long and difficult one. There are countless factors to take into consideration. As a growing insurtech company, APEXA has experienced firsthand some of the challenges that startups often face. In order to best understand and prepare for those potential challenges early on, we spoke to our peers and sought advice from industry veterans and seasoned entrepreneurs. What we learned from these valuable conversations, we’d like to pass on.
The following is based on the RGAX blog post, 8 Imperatives for Managing an Open Innovation Project.
I’m often asked what lessons I’ve learned about how to manage an open innovation project. Bringing together multiple organizations to achieve a common goal is daunting. But industry challenges, such as insurance contracting and compliance, are ripe for open innovation and are often the most easy to spot. These are the issues that constantly dominate discussions at conferences and events, as everyone is trying to find a solution.
I am always excited to attend industry conferences, as they provide so much potential for learning, networking, and are a great way to connect with many colleagues and clients face-to-face in an efficient way.
Earlier this month, I had the opportunity to moderate an OmbudService panel at the CLHIA 2019 Compliance and Consumer Complaints Annual Conference, attended by many leaders in compliance, representatives from the provincial regulators, and provincial councils.
You and your team have worked really hard to communicate and make everybody aware and excited about your change. You’ve shared the knowledge they need to be successful and through practice, feedback, and coaching you know they have the ability. The last step in achieving success in your change management strategy means making sure your team proceeds to embrace the change they’ve implemented.
“If it were easy, everyone would do it.” We’ve heard this saying time and time again, applied to every difficult scenario under the sun… But the truth is, it’s not easy to accurately assess your clients’ needs through an objective lens. Sincere. Genuine. Honest. All of these adjectives carry a positive connotation. They are the qualities that we collectively strive to be perceived as by our clients. But, what even the most skilled Advisors can struggle to suppress is inherent BIAS.
Our clients and industry peers often commend us on the contracting capabilities APEXA offers. Our team worked tirelessly to develop this functionality, and we strive to enhance it every day. But, what can sometimes be overlooked are the compliance benefits of APEXA. Before we delve deeper into our compliance capabilities, let's explore the role of compliance in the life insurance industry.
A huge part of what we do at APEXA is work with our clients as they embark on the path to change. Moving towards an industry solution for Advisor compliance and contracting is more than a big step towards standardization, it is implementing new technology and changing the way our clients’ teams complete their work on a daily basis.
Yes, we’re talking change again. The reason is simple: change is necessary; change helps us move forward and if you are going to do it, you might as well do it right.
Our series about change management is written to equip you with the tools to help yourself and your team as you encounter change. You have to plan change, but you also have to understand the people aspect of change in order to make sure it is effective.
As many of our clients begin to approach the day they go live on APEXA, they often ask us what they can do to maximize Advisor registration. There are certain tactics your organization can adopt that will help to pique the interest of your Advisor base and help ensure registration levels are high, right off the bat. We spoke to our clients who had the highest Advisor registration rates and conducted our own research on which tactics work best and based on that, here are our top five suggestions to boost Advisor registration on APEXA.