Rob Merttens shares his experience and thoughts on how disruptive technologies such as IoT, Structured & Unstructured Big Data Analytics and agile platforms are changing insurance companies. Not only that but the changing mix of full-time and part-time staff as telematics and self-service claims processing replace many jobs.
Insurance companies are not noted for being agile but some noted exceptions are showing the way forward. These technologies used by innovative leaders and staff will influence staff in three key areas.
All insurance companies must have strategic and tactical plans to exploit the technologies, train and support staff and detail outcomes in these areas
1) Products
2) Distribution
3) Resourcing
Let’s end as we began – with data. All insurance decisions are made based on data and in the future, it’s going to be digital, there will a lot of it and it will come in many forms. The key to success lies in understanding how to use that data and thereby transform the customers’ insurance experience into something which reflects the digital age. According to Boston Consulting, only estate agents and the telecoms provide a worse customer experience than insurers – that’s not good company to be keeping! The future of insurance belongs to those who fully understand the relationship between digital and the customer experience in the way Amazon and the best of internet banking does.
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