What happens if the insurance companies see every opportunity as if it were a single market? A temporary market?
In this series I have investigated how some of the technology trends highlighted in Accenture's Technical Vision for Insurance 2019 will transform the very nature of insurance in the next few years.
In my experience, the technology creates a host of intensively adapted and in-demand experience, and companies need to invent their organizations to find and capture those opportunities when they arrive.
Companies are shifting to their next great opportunity, made possible by affiliated companies, workforce and consumers: capturing moments . Trend 5 in our Technology Vision is called MyMarkets and focuses on how insurers can predict and meet the needs of consumers and organizations when they arise.
What drives the moment of the world?
First, let's look at what drives this world based on moments: Its Internet (IoT) and the 5G Network.
Research shows that there will be 31
In addition, 81 percent of insurance managers agree that 5G will revolutionize its industry by offering new ways of providing products and services, such as: delivery of drone, driverless car, faster video transfer, etc. Speed, reach and reduced latency of 5G will form the basis of a truly intelligent network of cars, robots, drones and more -All that will be able to communicate and react in real time, wherever people need them.
With 5G which makes a pervasive, real-time intelligence an opportunity everywhere, companies will finally have the technical capabilities to discover opportunities of opportunity before they come and catch them before they go.
How to recognize and capture the moment
With all these techniques, insurance companies have direct digital access to customers. Combined with increasingly powerful analysis capabilities, insurance companies can better understand their current and potential markets than ever before. And with flexible back-end technology that can quickly reorient the business, they can deliver for the fast-paced markets faster than ever.
The insurance companies that are ready to capture the moment when they come, remain continuously relevant in the lives of their customers, partners or employees will realize new opportunities like never before. But those who fail to capture moments will struggle to compete. According to Accenture's Living Business Research, 76 percent of customers consider it easier than ever to run their business elsewhere.
Insurers who are tailored to meet the needs directly
Yolo is an excellent example of an insurance company that supplies on-demand products. The Italian start has created a platform and an app that allows people to purchase immediate and profitable insurance products – for travel, sports and equipment, including – daily or monthly.
Another innovative insurer, Trōv allows customers to purchase insurance for specific items (such as a laptop, camera or mobile device) for customized time periods. The scope is enabled and disabled with a sweep of an app.
90% of the insurance committees agree that the integration of adaptation and real-time delivery is the next major wave of competitive advantage.
These companies show how important it is to integrate adaptation and real-time delivery into your insurance value proposal. The fact that it is a competitive advantage for insurance is further emphasized by the success of companies like Farmers & # 39; Toggle brand. Cuvva, which offers automatic wrapping in durable hour; Verifly, with an on-the-fly drone liability product; and legal and public insurance fee for home insurance.
To anticipate opportunities for occasions, insurers must go beyond mere data collection and turn to AI to improve their forecasts. Insurers already have information about insured life and assets, historical risks and even the weather. But they need computer power for machines to identify and capture those moments.
Metromile for example, used machine learning to identify vehicle fraud more quickly. The US-based car insurance mileage car per mile had its collision cars about five miles per hour to recreate a series of slow events such as fender benders and hit-and-run collisions.
In Another Example, AXA XL plans to use IoT sensors and a data platform to gain insight into how sensitive sea ice travels through the supply chain, track and analyze data such as location, temperature, light, humidity and movement effect.
Insurers who want to remain relevant and capture their customers' moments need to ask the following questions:
- How does our company move closer to delivering on-demand experiences?
- What do we do to reveal discrete opportunities with opportunity?
- How can our business prepare us today to deliver to tomorrow's momentum markets?
For more insight, take a look at Accenture Technology Vision for Insurance 2019 or contact me here.