| |September 201619CIOReviewINSIGHTSCIOBy Louise Billmeyer, VP & CIO-U.S. Insurance Solutions, Principal Financial GroupWhen you hear the word insurance in a business context, what comes to mind? Complex products? Slowness-to-change? An important, if not enthralling, topic? They're all fair responses. After all, we're talking about an industry that manages risk as a business and has a long history of focusing on the product and channeling IT investment largely into product support.But major changes are a foot. For the retail and group life, disability and specialty/ancillary benefits (e.g., dental, vision) businesses, marked shift in consumer demographics and behaviors is transforming not only the types of protection products people are interested in buying but the way they want to be informed about and engaged in making insurance decisions. Notably:· Life insurance sales are down industry-wide.· Consumers are generally confused about worksite insurance offerings. They sometimes wonder: "What does my employer offer, what's available to me on a voluntary basis, and how do these offerings really work?"· Consumers want a quicker and easier way to purchase products, anytime, anywhere.The upshot is that a business segment that's been relatively free from disruption is fast becoming a hot-bed of opportunity for it. This includes disruption by established insurance companies seeking to capitalize on the direction the industry is going by employing business and technology innovation to transform their own products and services. However, the insurance business has also become attractive--sexy even!--to entrepreneurs and capital investors, and insurance technology start-ups are cropping up all over the place.Becoming an Insurance Industry InnovatorGiven the current climate, the question becomes, if you're in the insurance business, how do you get in ­ and win­the disruption game?The good news is that many foundational technologies and development practices are readily available for consumption that can help you launch your innovation journey. Taking advantage of digital technologies like data analytics, mobile, internet of things, and cognitive computing will jumpstart virtually any Consumer Insight, Experimentation and Other Winning Strategies for the Insurance Disruption Game
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