We had the opportunity to speak with Kacie Conroy, Director of Information Technology at member firm M3. We asked her about the dialogue around innovation from a broker perspective, M3’s current investment strategy, and their mission at this year’s ITC:
From a broker perspective, how has the conversation around insurance innovation changed since the conference began 3 years ago?
Arguably, innovation wasn’t much of a conversation 3 years ago. With the rise of insurtech, we are not only talking about it but strategizing about it. We now have a market to access to help us address opportunities and solve business problems in ways we never could in the past.
What is M3’s current strategy around insurtech and how do you plan to leverage this year’s InsureTech Connect conference?
Our strategy is to focus on three areas: customer experience, effectiveness, and advisor-enabled solutions. It’s not accidental that all three areas have a direct and positive effect on our customer. Each time we attend this conference we focus on solving business problems, first, in these three areas, and seek technology providers that solve them. By first understanding the pain points, it gives us a great lens into the real needs along with a set of criteria by which to assess a fit. All this together allows us to have very targeted conversations that translate into great progress.
What is M3’s story around technology? What is the key message your organization is communicating to business partners and clients?
Our message is simple. Insurance shouldn’t be hard, and we are actively involved in making this a reality. We are working to implement broker-enabling solutions. Our focus is how we can lead the change on behalf of our customers. We see this movement as a positive and play an active role in reimagining an improved client experience.
How has and will IT change the basis of competition in the insurance industry?
While we all have access to the same set of technology, there will be differences in what we do and how we do it. This will result in deeper differences between our competitors. The legacy operational systems of IT are table stakes, and the current and future role of IT is to be innovation advisors to the agency.