More than just one of many possible innovation directions, digital transformation is a necessity for every insurance company. However, it may be an even more urgent priority for a fraternal benefit society. That seems to be the case Foresters Financial, which was already well into its digital transformation journey before the pandemic.
To discuss Foresters’ vision of digital transformation, we reached out to speak with Matt Berman who is the company’s president for both the U.S. and Canada—and who has had a career that has included work at some of the world’s largest insurers. Leadership roles at companies such as AIG, AXA, and Zurich and enabled him to gain experience in a variety of fields, including corporate strategy, sales, distribution and product management.
He’s putting that experience and his understanding of modern technology to use in fulfilling Forester’s mission of providing coverage to individuals and families in the U.S. and Canada, including the under- and uninsured.
One of the best parts of speaking to Matt was seeing how his prior experience has informed his grasp on the different areas of process and technology necessary to fulfill Foresters’ mission. For example, he says that while there’s a place for direct-to-consumer sales, owing to the complexity of life insurance and the customer’s individual circumstances, there will always be a place for agents and advisors.
He notes that, ultimately, customer engagement is a function of the underlying infrastructure. And he discusses what that interaction looks like at Foresters in its work on supporting the wellness of its members with functionality that is delivered in a way that is modern efficient and relevant.
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