Mutual of Omaha: Innovating to Bridge a Solid Legacy and a New Future

Niki Manby, Mutual of Omaha Chief Strategy and Innovation Officer

You’ve likely heard the stereotype that senior-aged individuals aren’t tech-savvy. This notion is quickly becoming as outdated as the rotary telephone.

At Mutual of Omaha, we’re embracing innovation to help meet the needs of the growing number of seniors who are turning to the latest technology to improve their quality of life. We’re committed to pioneering new methods to provide consumers with the essential information they need to make informed decisions and to maintain engagement with them as valued customers.

Consumer Expectations and Digital Transformation in Insurance

Social media platforms, such as Facebook, Instagram, and TikTok, have revolutionized community communication and the individual learning journey concerning product and service exploration. Similarly, the convenience offered by Amazon has reshaped consumer expectations for rapid, personalized service.

To stay ahead of these changes, we prioritize our customers’ preferences in how they choose to interact with us. This commitment drives us to continually evolve our thought processes and technology.

For a century-old institution like Mutual of Omaha, adapting our business models to these shifts presents a unique set of challenges. It necessitates rethinking traditional customer communication methods and updating legacy systems.

Listen to a recent Tech Talk Daily podcast where Niki shared more insights on the importance of innovation at Mutual of Omaha.

Innovating Insurance Products for the Next Generation

Generational shifts are not only inspiring us to innovate our processes and systems but are also compelling us to reconsider our longstanding products and services.

Considering today’s consumer behavior, where services, such as credit cards, can be toggled on and off as needed, the insurance industry needs to explore new options. Microinsurance is one possibility. This type of coverage would only be active during specific times, such as the hours a customer is driving or the days they spend on a ski slope.

Embedded insurance, which would be integrated as part of purchasing another product or service, is another innovative possibility. As more products transition to digital platforms, the opportunity to offer protection products at the point of purchase increases. Imagine obtaining medical insurance embedded in the cost of a ski lift season pass or selecting car insurance features while ordering a car online.

Adapting Group Benefits for Flexible Work Models

Since the pandemic, the nature of employment has evolved significantly. A substantial portion of today’s workforce is exploring various models of income generation. For instance, companies like Google now employ more contract workers than full-time employees.

This shift has significantly affected our group benefits solutions. Traditionally, we provided products to employers who then offered them to their employees. With the rise in contract and freelance work, individuals accustomed to comprehensive employer-provided benefits must now assemble their own protection solutions.

This evolution presents an opportunity for Mutual of Omaha to innovate and reconsider our approach to future workforce dynamics and how we offer benefits if the employer’s role in individuals’ lives changes.

For over a century, Mutual of Omaha has been a pioneering industry leader, serving millions with reliable solutions. As consumer expectations continue to evolve, we remain focused on innovation — developing processes, products, and technologies that ensure our position as a trusted leader dedicated to protecting what matters most to our clients.