The insurance sector is not usually considered an industry for extensive innovation. Insurers are currently on a path to rapid digitalization for their customers and agent experience. Still, it is very hard to implement innovation in the insurance sector because it must be properly systemized. For innovation to have sustainable growth, it must be fully integrated across the whole organization and bring together every team inside the organization.
This event’s purpose is to showcase steps to improve innovation in the insurance industry. To be specific Morel Insurance has five departments: claims, finance, legal, marketing and underwriting. Their current strategy is to innovate each department and make it easier for customers to use their services.
This event is designed to show ways to establish innovation across the insurance sector. The mentioned event will be portraited with the help of AVAINET Virtual Event Platform (VEP). Especially how to structure, organize and implement innovation while ensuring sustainable growth. The event is structured as a conference. During the conference all ideas on how to initiate the innovation process will be discussed and shared.
In this event we will present 5 steps to initiate innovation:
- Shift resources from core business to develop innovation
- Work on product development and processes
- Value propositions that ensure new approaches to customer engagement
- Innovation must be continuous
- Use an accelerator to pursue more significant product innovations
Process in details:
The goal of this event is to educate people from the insurance industry on how to initiate the innovation process. This is only the proposed set up of the event, but there are many other customizable options for virtual events. Below is explained the set up to reach the outcome of the event. The insurance company wants to innovate their five departments: claims, finance, legal, marketing and underwriting. The purpose of the event is to bring to light innovative ideas for each department.
1. Appoint an event organizer/organizer group
a) Set goals and wanted outcomes:
Mr. Jackson is the one recruiting AVIANET for the proposed event. He is an executive manager of the company and he is the one in charge of major decisions inside the company. He has already worked with AVIANET and had a pleasant experience. He specifically wants 5 customizable booths for each department of the insurance company. Each booth shares innovative ideas
from the insurance industry. The event is a tool for sharing information and insights from the insurance sector.
b) Prepare project scope (deadlines, start date, budget…)
The event will be a hybrid event. The event starts in approximately 5 weeks. Budget is not that high. Mr. Jackson wants to have at least 5 live speakers during the event. He has provided the list of exhibitors to AVIANET. As mentioned there will be 5 booths altogether. There will also be an invite-only roundtable session for managers in the company.
2. Reach AVIANET team to discuss further details.
a) Schedule a free demo
A free demo by AVIANET is used to showcase the 2D and 3D version of the Virtual Event Platform. During demo Mr. Jackson asks questions about the visualization of the event. Even though Mr. Jackson was a previous customer this step is part of the initiation of virtual events.
b) Modules and features
The event will have 5 customizable booths because the event is designed for experts from each department from the insurance sector (5 departments). 5 live presentations (one speaker from each department), 10 On demand presentations and around 20 One to One Meetings.
c) Receive an official proposal
Mr. Jackson decided to go for a 3D Virtual Event Platform. AVIANET team then works on fulfilling their requirements and needs. There is a possibility of choosing a one-time event or a subscription model which is used for long-term collaboration.
3. Open day set up
a) Provision and upload of materials
Mr. Jackson needs to provide to AVIANET team all new materials (logos, videos, PDFs, presentations…). This is used to customize booths during virtual events.
b) Set up representatives
Speakers that will have their own presentations need to be identified so they can fill out their profiles and upload materials needed for the speech.
c) Registration
Registration is available when the set-up page is updated. Since Mr. Jackson chose a 3D event, attendees can now customize their avatars which are used to scroll through the platform.
d) Online presence
It is crucial to post announcements of the event. You can use email marketing to make everyone aware of the event, prior to the day of the event.
4. Event trial
a) Participants
Prior to the day of the event, everything is tested with all the participants (speakers, representatives, presenters…). The AVIANET team, along with IT experts, are there to assist with everything.
b) Trial objective
The purpose of the trial event is to see if everything is working and to fix any glitches or technical issues.
5. Live event
Live event
During the live event the AVIANET Live Support Team is there to assist you along the way. Each attendee is required to follow the schedule, so nothing is mixed up and everything runs smoothly. Instructions and all the materials are available at all times.
Post analytics
The goal of the event is to improve innovation in the insurance sector. Since there will be five live presentations, the one with the most downloads and interest am
End of event:
The networking among attendees and experts in the insurance industry has reaped its benefits. They saw what can be improved and fixed, to make the overall industry more profitable. The event was part of the learning process for Morel Insurance.