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About Hugh Terry & The Digital Insurer

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Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

Reflections from DigIn

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Insurance has been with humankind for roughly 1000 years (counting its earliest forms in ancient Roma empire). Its primary purpose remains to be the same, to protect our goods form events out of our control, such as natural disasters, fires, and loss to the assets. However, the industry has changed with the evolution of society.

 

 

In the beginning, insurance intention was to protect merchants cargo for damage or loses during the transportation of the goods. Then, new products were developed to protect factories and homes against fire and other hazards. Nowadays, our life, health, pets, body parts, art, and many other things have insurance products available.

However, if we review insurance primary purpose, it certainly has not changed, and it will not change in the future, what is changing is humans’ behaviors and their needs for insurance. We are far from finding a Lloyds café where insurance policies are underwritten with a few clicks, but the industry is moving forward. The future is tricky because the new playground has new rules where technology is essential, and it set a fast pace that is difficult to follow for the insurers.

Innovations like telematics, IoT, big data, and modern operating systems are creating an ecosystem around insurance that incentivizes the creation of new players that are challenging the status quo. These new members of the insurance industry had a very different background and came from diverse sectors but with a vision in common, how to disrupt and change the way we buy and use insurance products.

These were the actors present at DigIn May 2019, truly a sample of what’s coming for the next 5 years in the industry and its departments.

In the insurance buying process and how the customer decides which coverage is the best for him, there are many things to look into the future, such as:

  • Behavioral models based on customer habits as a risk
  • Ease-to-buy insurance alternatives
  • Bundles of coverages based on your likes, no pre-underwritten policies
  • Pay-as-you-use insurance

In the way of how customers are filing a claim, technology allows the process to be fast, simple, and straightforward:

  • Telematics in your car that deploys emergency services and adjusters through a system for crash detection
  • Real-time data of home appliance performances based on IoT
  • Technology in imagery and video that allows real-time claims detection to process
  • AI-powered fraud prevention to process claims and reduce potential unlawful payments

Loss control, and how companies can predict losses. IoT is helping to predict a failure before it even happens:

  • Sensors to prevent component failures
  • Indicators of hazardous situations that could lead to a loss
  • Connected systems to coordinate authorities with the insured in cases of breaking

Technology is transforming the insurance environment to a connected and interactive ecosystem never seeing before, developing traditional policies that are fueled by several parameters that need to be monitored to prevent losses and adjust coverages to the insured needs.

To enrich the ecosystem, traditional carriers, brokers, and InsurTechs need to interact, but the speed of the interaction is critical. The tech world goes fast, and it is essential to keep up with their pace. Startups grow fast and have many available resources in the form of investment and technology. Current carriers need to try to integrate these companies, a few tips the need to implement to create the right environment for the interactions are:

  • Open platforms and APIs are the keys to collaborate with new companies.
  • Product with flexible coverage, like on-off and pay as you go insurance.
  • Faster claims processing, AI-powered algorithms, and tech gives a new claims experience to the client that has never experienced before
  • Customized products are essential to enhance customer experience
  • Incorporate data scientist to core strategic decisions
  • Understand digital transformation; to have a website is not digital transformation. It goes from the mindset of employees in the everyday process to the software and technology available.
  • Leave politics aside, not believing in technology is like the inquisition (probably, they got a very few things right, but in general they were very wrong).
  • Technology is not a trend. It is a continuing process that has to be nurtured every day.
  • Not everything is digital, is extremely important to embrace the omnichannel experience for the client, they need to be reassured that he has your attention when and where he needs it.

The world is moving from analog to digital and current actors are essential to make that happen, evolve into new business models but implementing years and years of business acumen. With a hand to hand alliances, but traditional industries and startups can reshape the status quo to better serve those for what services and products are made for customers.

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