I attended the 2018 Pennsylvania Association of Mutual Insurance Companies (PAMIC) annual conference/meeting in Baltimore, MD from August 5-7. PAMIC is an organization representing Mutual Insurance Companies in the Mid-Atlantic states.
For MassPrinting, one of the benefits of attending these smaller, regional mutual insurance conferences is being able to complete some very focused product and marketing research with insurance leaders. One of MassPrinting’s strategic initiatives for 2019 and beyond is to offer simplified, effective, and cost appropriate products and solutions to carriers for integrated print and electronic delivery of policyholder documents.
While the size in written premium dollars varies greatly for the PAMIC member companies, the bulk of the attendees were smaller to medium size companies. ($1M-$250M in premium)
I had several takeaways from my personal discussions with many insurance leaders who attended the conference:
- Providing electronic fulfillment of policy documents (ie: a paperless option) to policyholders is a strategic initiative that is currently on the mind of most insurance executives.
- The process of executing on an initiative like this is complex. There are many things (business process; regulatory; agent impact; cost; technology - to name just a few) that need to be addressed as a carrier moves to electronic access and fulfillment of insurance documents.
- Insurance executives are open to ideas and discussions on the best ways to develop a strategy and execute operationally on this initiative.
As MassPrinting continues to work on solutions, we will keep our existing clients and other insurance industry executives updated on our progress. Look for more to come on this during the latter part of 2018 and into the 2019 annual planning cycle.