Innovation, Adaptability and Agility Emerge As Common Themes at ACORD LOMA Insurance Forum
By Lynne Sampson-Oracle on May 27, 2010
Helen Pitts, senior product marketing manager for Oracle Insurance is blogging from the show floor of the ACORD LOMA Insurance Forum this week.
Sessions at the ACORD LOMA Insurance Forum this week highlighted the need for insurance companies to think creatively and be innovative with their technology in order to adapt to continuously shifting market dynamics and drive business efficiency and agility.
LOMA President & CEO Robert Kerzner kicked off the day on Tuesday, citing how the recent downtown and recovery has impacted the insurance industry and the ways that companies are doing business. He encouraged carriers to look for new ways to deliver solutions and offer a better service experience for consumers. ACORD President & CEO Gregory Maciag reinforced Kerzner's remarks, noting how the industry's approach to technology and development of industry standards has evolved over the association's 40-year history and cited how the continued rise of mobile computing will change the way many carriers are doing business today and in the future.
Drawing from his own experiences, popular keynote speaker and Apple Co-Founder Steve Wozniak continued this theme, delving into ways that insurers can unite business with technology. "iWoz" encouraged insurers to foster an entrepreneurial mindset in a corporate environment to create a culture of creativity and innovation. He noted that true innovation in business comes from those who have a passion for what they do.
Innovation was also a common theme in several sessions throughout the day with topics ranging from modernization of core systems, automated underwriting, distribution management, CRM and customer communications management. It was evident that insurers have begun to move past the "old school" processes and systems that constrain agility, implementing new process models and modern technology to become nimble and more adaptive to the market.
Oracle Insurance executives shared a few examples of how insurers are achieving innovation during our Platinum Sponsor session, "Adaptive System Transformation: Making Agility More Than a Buzzword." Oracle Insurance Senior Vice President and General Manager Don Russo was joined by Chuck Johnston, vice president, global strategy and alliances, and Srini Venkatasantham, vice president of product strategy. The three shared how Oracle's adaptive solutions for insurance, with a focus on how the key pillars of an adaptive systems - configurable applications, accessible information, extensible content and flexible process - have helped insurers respond rapidly, perform effectively and win more business.
Insurers looking to innovate their business with adaptive insurance solutions including policy administration, business intelligence, enterprise document automation, rating and underwriting, claims, CRM and more stopped by the Oracle Insurance booth on the exhibit floor. It was a premiere destination for many participating in the exhibit hall tours conducted throughout the day.
Finally, red was definitely the color of the evening at the Oracle Insurance "Red Hot" customer celebration at the House of Blues. The event provided a great opportunity for our customers to come together and network with the Oracle Insurance team and their peers in the industry. We look forward to visiting more with of our customers and making new connections today.
Helen Pitts is senior product marketing manager for Oracle Insurance.