Thoughts on the future
12 Oct 2016
Andrew Savigar at Premium Choice, shares his thoughts on embracing new technologies. Consumers are now interacting with insurance organisations via omnichannels more than ever before.
It is therefore vital for Brokers to deploy InsurTech strategies that deliver customer experiences with the convenience of digital devices that render relevant content, when a customer wants or needs it, based solely on their needs.
With continued pressure to deliver ‘retail-based' experiences, there is an increasing need for Brokers to develop digital solutions that not only increase engagement but create a totally different way for customers to understand and buy insurance. This will help accelerate the shift from product to customer centric operating models.
Marketing strategies that consider a fully-integrated, holistic view of the customer will also need to evolve to deliver ‘right place, right time, right device, right message' relevancy that is capable of being deployed across a much broader range of environments.
Emerging technologies will facilitate the evolution of customer portals to become more than a repository for policy documents.
Customers will be demanding the ease of social login, for example, and require portals that are capable of storing their entire suite of insurance documentation irrespective of product, provider, renewal date, and route of sale or renewal distribution.
The development of integrated front and back office systems, with the capability to handle and analyse big data to identify behavioural patterns, will enable Brokers to provide highly-relevant solutions and transform the way we communicate.
Strategies around fraud detection and prevention and a much greater use of data aggregation, data sharing and analytics should also be high on the agenda. We all have a common motivation to prevent insurance fraud after all.
With consumers becoming increasingly more connected, whether they are at home, work, travelling, or on their paddleboard, Brokers need to adapt to this interlaced system.
For example, wearables now play a key part in connected health insurance, so it probably won't be too long before they also play a role alongside telematics, perhaps complementing the traditional ‘black box'.
If we consider that car seat sensors can now identify how many people are in a vehicle, where they are sitting, and whether they are wearing seat belts, the sharing and application of this data alongside the vehicle data collected prior to and at point of accident could become invaluable in the claims and underwriting arenas.
If we apply this thinking to the rapid rise in devices that now monitor, control and automate peoples' homes and commercial premises, surely those brokers that embrace the changing technological landscape could have a very exciting and interesting future.
Being able to implement emerging technology to assist in dynamic risk monitoring, improve claims handling, and lower operating costs could certainly provide a strategic advantage over those that do not.
None of us really know what the future holds. However, those brokers who create the environments where customers can have a continuous, bespoke experience across brands, formats and devices that address their insurance needs, as well as having all the necessary controls and governance around data protection and data security, will surely be the ones who reap the rewards.