Simplifying Life Insurance Through Digital Transformation with Nick Rohan and Kevin Cummer, TruStage

Host Anthony O'Donnell welcomes back Kevin Cummer, Director of Life Products, and Nick Rohan, Director of Partner Management at TruStage Insurance to share the remarkable journey of TruStage’s digital transformation, which has not only redefined their brand but also set new benchmarks in the insurance industry.

Kevin and Nick take us through the evolution of TruStage, from its roots as CUNA Mutual Group, primarily serving credit unions, to its current position as a major player in the direct-to-consumer insurance market. They discuss the strategic rebranding of TruStage and how it has unified its offerings under a single, powerful identity, making it easier for customers to navigate and for the company to communicate its mission of making brighter financial futures accessible to everyone. They share industry insights to guide you toward more intelligent and effective strategies for digital transformation within your organization.

Key Takeaways:

1. Simplifying the insurance process through technological innovations, such as developing comprehensive API suites, can significantly enhance customer satisfaction and improve conversion rates.

2. Securing strong senior leadership support is essential for overcoming organizational inertia and resource allocation challenges, ensuring successful digital transformation initiatives.

3. Implementing innovative distribution strategies and simplifying the insurance buying process can lead to substantial business growth, as demonstrated by TruStage's success in doubling its life insurance business and reaching $5.6 billion in in-force coverage.

Timestamps:

[01:59] Intro to TruStage's journey and digital transformation milestones

[03:17] The importance of unifying under a single brand for consistency and digital capabilities

[04:21] Achieving major milestones in API suite for real-time purchasing experience

[7:00] Strategic integration with partners and the importance of a compelling business case

[10:02] Organizational commitment and support from senior leadership

[10:56] Embracing data-focused decision-making and expanding distribution 

[13:04] Integrating product and capability roadmaps to enhance distribution and accessibility

[17:04] Utilizing instant decision underwriting to streamline the customer experience

[18:08] Ways TruStage is thinking about reaching customers

[22:17] Significant growth and success in new distribution approaches

Resources:

Connect with Kevin Cummer: https://www.linkedin.com/in/kevin-cummer-5b728b1a/ 

Connect with Nick Rohan: https://www.linkedin.com/in/nick-rohan-1337935/ 

Check out TruStage: https://www.trustage.com/