Novarica’s move to an all-virtual 2020 events calendar has been a digital journey, one that we have had the unique opportunity to experience together with our Research Council members. Our Weekly Virtual Town Halls have become a great way for us to bring our insurer client and Council community together, and we are highly encouraged by the positive feedback received.
Novarica will continue these sessions every Tuesday from 1-2 PM EST through midyear. Each week will focus on new and emerging issues, including what a return to the office may look like and how to drive change during a crisis. Last week, a CIO panel in concert with a trio of Novarica VPs discussed the impact COVID-19 has had on digital strategies as well as some best practices related to evolving consumer and distributor behaviors.
Changes in Digital Strategies
Paul Legutko, Novarica’s VP of Digital Marketing and Analytics, talked about the recent increase in online traffic and the marketing opportunities that are beginning to develop. With corporate email opening rates 30% higher, and 42% of consumers wanting brands to stay in contact with them during these times, a solid brand strategy is essential. Insurers should focus on revamping their digital marketing strategies and reinvigorating their brand messaging. Many consumers are looking for support; a consistent “we are in this together” is the message a lot of them want to hear.
The discussion also touched on the heightened level of urgency that surrounding digital strategies and the impact this has had on implementation times. As one panelist said, “the crisis is changing the way IT is perceived.” The pandemic has countered many organizational restrictions on moving quickly, removing bureaucracy and opening carriers up to a more Agile methodology for getting things done.
IT has become a critical tool in allowing insurers to react to what is happening, continue to do business, and operate effectively in challenging economic times. Novarica has recently heard of many projects that were budgeted for months to roll out but have been implemented in a fraction of the time. A number of insurers have been forced to “aim less and shoot faster” as they release things like e-policy delivery and online communication tools.
New Ways of Working
The conversation ended on the belief that video meetings are here to stay and will play a large role in managing internal workforces and external partners. Executives will be required to continue to act as model citizens as these capabilities are implemented. What many now realize is that virtualization technology has always been there waiting, but culture stood in the way of fully implementing it. With COVID-19, the choice no longer remains.
Next week, we will further discuss the impacts of this pandemic and focus our discussion on what a potential return to the office may look like following the current “WFH” experiences. As insurers discuss a variety of approaches, including embedding social distancing as a “business as usual practice,” eliminating conference room usage, leveraging virtualization technology, and requiring the use of masks inside the office, many are looking to implement “working remote” lessons learned in future business practices. We look forward to sharing these and other new insights as the second quarter unfolds.
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