Returning to Australia after a whirlwind week at InsureTech Connect (ITC) in the US, our team has been reflecting on the incredible conversations, insights, and key takeaways from the event.
One thing that stood out more than anything else: Change has never happened as fast as it is right now—and yet, it will never feel this slow again.
Whether it’s technology, ways of working, artificial intelligence (AI), consumer expectations, or even global events, every aspect of our world is accelerating at a dizzying pace. It can be overwhelming to know where to start or how to keep up with such rapid transformation.
Seeing Problems from New Heights
One presenter shared a powerful reminder: “See problems from new heights.” It’s easy to get stuck in the weeds when tackling challenges but stepping back and gaining perspective often reveals new solutions. In times of uncertainty, we find ourselves turning back to a central guiding principle: using the customer as our North Star.
Customer experience is not just a strategic decision; it’s a human decision. Prioritising customer needs doesn’t only enhance satisfaction—it makes strong commercial sense. Differentiating through experience can set you apart in what sometimes feels like a sea of sameness, where products often blend into one another. Done right, customer experience boosts lifetime value through retention, increased share of wallet, satisfaction and ultimately referrals.
EX = CX: Your People Unlock the Experience
We’re also firm believers in the equation EX* = CX: great employee experiences unlock great customer experiences. The focus on employees at ITC was encouraging, with specific attention given to loss adjusters. A fascinating insight came from the discussion on the aging workforce and the growing number of technical experts retiring, especially in the US. This shift raises big questions about how we bring in and train new talent, ensuring expertise doesn’t disappear with a generation.
From a customer experience (CX) perspective, humans are essential in areas where technology can’t fully take over. Automation and digitisation are changing the nature of traditional entry-level roles, making them more complex. This brings us to the bigger conversation about the future of work: How do we strike the right balance between technical skills and adaptability?
*EX - Employee experience
Digital First or Catching Up? Two Paths to Success
It was fascinating to hear from organisations on two very different ends of the digital transformation spectrum. Companies like Hippo Insurance, as shared by Laura Boettcher, their COO, are digital natives, designing their entire operations with technology as a core element.
On the other hand, Mark Seich, VP of Marketing & Distribution at The Philadelphia Contributionship—the oldest insurance company in the US —spoke about their journey to catch up with the demands of the digital age.
Regardless of where an organisation stands on the digital maturity curve, one thing was clear: you must meet customers where they are. Different customers have different needs, and it’s vital to tailor your approach to each segment. As John Zheng, CIO and CFO at Mitsui Sumitomo Insurance China, mentioned, younger generations in China increasingly prefer automated solutions—"never an agent, just a robot."
Common Ground in the Acceleration of Change
Another takeaway from ITC 2024 was the shared sense of navigating the same challenges, no matter our industry, geography, or company size. Leaders, teams, and organisations worldwide are all grappling with the acceleration of change and its impact on our businesses, our customers, and our people.
As business leaders, it’s more important than ever to stay agile and focused on what really matters: human connections, meaningful experiences, and creating value that transcends product alone. This year’s ITC was a powerful reminder of just that.
Although ITC was held in the US, the themes and insights resonate strongly with the challenges we face in Australia and New Zealand. The accelerating pace of change—whether through technology, customer expectations, or workforce shifts—is a global reality, and we're excited to bring this thinking and approach down under to help shape the future of our industry locally.
CXO2 is a dedicated team of customer-obsessed practitioners who, with over 100 years’ combined experience, work side-by-side with business leaders on all aspects of CX transformation. The team understands that where CX happens, is not where it starts. It starts in the boardroom, with strategy and with culture. From customer strategy to execution, operational health checks, journey design, channel optimisation, and culture and capability, CXO2 was created to “breathe new life into customer experience.”
For further information please contact Mitisha Paleja, CXO2 - mitisha@cxo2.com.au or +61 483 829 707.
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