The insurance industry is changing, and insurers must keep up with evolving customer expectations. With that objective in mind, today we’re taking a deep dive with Linde Wolff, Vice President of Product Strategy at Insuresoft, to learn more about how Insuresoft drives innovation.
Q: Tell us about your experience in the insurance industry.
I have been with Insuresoft for 20 years and in the insurance industry for 23. I started as a developer for a large P&C insurance company. I then moved to Insuresoft, where I began my career as an analyst. Since then, I have worked as a developer, team lead and eventually moved to our claims product manager position. I recently served as the Vice President of Client Care before moving back to lead our product strategy team.
Working intimately with our customers was an eye opening experience. It has allowed me to gain new perspectives on how clients rely on our software and the impact on their business and policyholder experiences.
Q: How have you seen the insurance industry change, specifically as it relates to consumer and agent demands and the tech that carriers need to meet those demands?
The most significant transformation is the speed-to-market expectations of our customers and their policyholders. Things that used to take weeks or months must now be delivered in days or hours. We have made tremendous strides in our configurability and tools that we use to empower clients to work on their business. There are also dramatic shifts in how business leaders are now using the tools we have designed to impact their organizations.
Q: How important is agility? How do product releases enhance your customers’ agility?
Agility is critical – especially in today’s business climate. We have to deliver results immediately for our customers. It’s vital for staying ahead of the competition and delivering on customer expectations.
Policyholder needs have changed dramatically. Gone are the days of stopping by the office. Policyholders want self-service with no paper. Delivering memorable customer experiences is critical to the success of insurers.
2020 was a challenging business environment for most industries. Because our platform is so configurable, our clients can take advantage of quick changes to their systems to enhance internal and external requirements.
Q: Has the pandemic prompted any recent system changes?
Our core platform can handle the majority of what our clients need it to do, right out of the box. This doesn’t mean Diamond is a one-size-fits-all platform, quite the contrary. It is so highly configurable that the preconfigured framework works as a competitive advantage so that insurers can focus on their target markets.
Issues that were common amongst our clients in 2020 were how to handle billing related moratoriums in their states and non-cancellation of policies due to government regulations surrounding the pandemic.
There were also several rate change requirements predicated on policyholders being sheltered in place or on restriction. Policyholders just weren’t in their regular driving patterns. This behavior change prompted significant changes in rates due to policyholders driving fewer miles. As clients saw their loss exposure change, they could modify rates to charge less or process refunds to be in line with actual use.
Q: What is a defined product roadmap, and why does it matter?
The defined product roadmap gives our clients comfort in knowing that we have a clear direction on where our product is heading. It also shows a broader understanding of where the market is shifting and how we are focused on providing them with a solution that meets their needs today and that we’re ready for tomorrow.
Q: What goes into building a product roadmap? How often is it updated?
We use structured feedback from our product advisory council, product management teams, and industry analysts to build and refine the strategic roadmap. We use a three-year roadmap, but the roadmap is refined with the ever-evolving technology landscape based on those influences. Insuresoft clients have access to a new product update every two months to receive iterative updates that they can use to enhance their business.
Q: Can you share some of the functionality that exists today but was imagined a few years ago during the product roadmap process?
- API and integration strategy expansion
- Interoperability and ease of use upgrades
- Workflow management, and automation of routine tasks
- Preconfigured framework to speed the delivery of our platform
- Data management so insurers can work on their business, not in their business
- Digital claims payments – allowing insurers to pay a claim immediately from Diamond
Q: Can you give readers a peek or hint at what they should expect in the coming one to three years?
Policyholder expectations are driving change. One area of focus for us is enhancing insurers’ ability to do more with Diamond to drive digital engagement.
We are also reviewing our commercial line offerings. Commercial insurers have unique needs, and we’re focusing attention on how those insurers can do more with Diamond to provide similar experiences to policyholders that are more personal lines focused.
The strategic roadmap is full of new features, integrations, and enhancements that have been vetted by our existing customers and will continue to allow Insuresoft current and future clients to be ready for the challenges of tomorrow.