I don’t know about you, but I am ready to be done with the hibernation we’ve been in for the last couple of years due to COVID-19. (It’s hard to remember, but the 19 in COVID-19 stood for 2019!)
Thankfully, things look like they’re starting to get back to normal. We have more people coming into the office – at least part-time. My colleagues and customers are open to meeting in-person again, and some conferences are even returning to on-site venues. I attended ReFocus in March, the first on-site conference I’ve participated in for the last two years. It was so refreshing to reconnect with people face-to-face!
Pandemic accelerated changes that can positively impact the reinsurance industry
While it’s a bit too optimistic to say that the pandemic has had a silver lining, it did accelerate some changes, many of which can positively impact the reinsurance industry if handled well. At the top of that list is the increased acceptance of remote working arrangements and the technological investments organizations are making to support a diverse and dispersed workforce.
Before COVID-19, remote work in our industry was almost strictly the domain of sales, developers, and a few outsourced administrators. Almost overnight, the folks who would normally be sitting around the conference room table, pounding out corporate strategy decisions, have also gone virtual. So, too, have many roles, such as the reinsurance specialists who keep the wheels turning for our partners and customers every day.
The upside to industry changes
My contacts tell me there’s plenty of upside to these changes. Some are downsizing their corporate office space to lower their overhead. Getting rid of the morning commute offers employees a better work/life balance and can increase productivity. Plus, given the ongoing talent shortage, remote working arrangements open up candidate options to a broader, more diverse talent pool. That said, I haven’t spoken to a single TAI client who isn’t eager to have staff back in the office at least part of the time.
Our business is a people business
One of the other changes brought about by the new virtual world of work is the opportunity for corporations to redirect the funds they would normally spend on things like business travel to modernizing their IT infrastructure. At the end of the day, our business is a people business. IT departments across the industry are focused on finding new ways to help connect and get the job done from wherever they are.
Technology designed for the new normal
One thing the pandemic didn’t do was slow our industry down. While many customers were seeing an increase in their insurance business, TAI has been busy developing the products and the opportunities to help them continue to build their business in a post-pandemic world. Here are some I’m particularly excited about:
TAI 4.0 Hits General Availability. At the 2021 TAI User’s Group, we announced the rollout of TAI 4.0 to a small group of early adopters. I’m pleased to announce that we are now making TAI 4.0 available to both existing and new TAI customers.
TAI Treaty. Version 1 of TAI Treaty is now being offered to all clients. This product makes it easy for your team members to securely and easily access important treaty documents remotely. We are already working on Version 2, that will allow TAI Treaty to “talk” to your current TAI Reinsurance Life Admin system.
TAI Insights Schedule to Launch in 2022. As our clients know, TAI software is the go-to source for in force data. But with all that data, it can be challenging to discover the insights you need to make critical business decisions. Later this year, we will also be introducing the next generation of Insights, a ‘cloud first’ data analytics tool enabling visualization and deep analysis of this data to help our clients better visualize their business and optimize performance. Watch for more on the launch of Insights in the months to come. Better yet, subscribe to our blog, and you’ll be among the first to get the latest details.
PowerUp! with the TAI User Group
Last but not least, our TAI User Group Conference, PowerUp!, is right around the corner – May 9th – 13th. Similar to last year, this conference will be 100% virtual and free to attend. While we’re eager to bring the conference back to an in-person venue, holding a virtual event in 2021 allowed us to more than double the number of attendees.
You can find the PowerUp! agenda details and registration here. I look forward to seeing everyone next month during the ‘MyTAI’ Happy Hour!