Transforming Insurance – Razorfish report
Article Synopsis :
As emerging technologies disrupt critical elements of the insurance value chain, traditional players relax their historic cautious approach toward digital investments. Now, mature providers, along with innovative startups, are aggressively making big bets that promise to reshape the basis of competition as the global economy becomes increasingly connected.
In the report “Transforming Insurance”, Akbar Bhaidani from Razorfish explores several technologies that every customer-obsessed insurance company should have on their radar. The report maps four insurance functions to key emerging technologies capable of driving growth and competitive advantage:
Mitigating Risk
- Internet of Things (IoT) enables real-time monitoring and risk mitigation
- Wearables improve information accuracy
- Telematics harness vehicle usage data
Solving Business Problems
- Machine learning adds speed and accuracy to problem-solving
- A smarter personal assistant offers similar benefits
- Unmanned aerial vehicles (UAVs) go where adjusters can’t
Expanding Reach
- Crowdsourcing expands enterprise knowledge
- Video chat enhances customer experience
Tapping Emerging Markets
- Peer-to-Peer (P2P) business models
- Games engage & educate
The report also offers four recommendations to steer the course of digital transformation toward enhanced customer engagement, better products and efficient business operations:
- Launch an aggressive digital business strategy and roadmap
- Plan for digital’s increasingly disruptive impact on distribution
- Look outside the insurance sector when benchmarking your digital experience
- Make independent investments in innovation
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Digital Insurer's Comments
In today’s connected and hyper-competitive world every customer interaction matters and the key to success lay in delivering the best possible experience. Embracing the technologies mentioned in this report will help create a ‘next-level’ customer experience.Digitisation reduces entry barriers. On the one end you have the digital giants like Google and Alibaba who feature essentially free computing. On the other end there is the emergence of cross platform plug and play models leading to new forms of competition from focused, fast-moving p2p, mobile and technology based startups. These players are better positioned to scale up rapidly at lower cost than traditional insurers. The best way to avoid getting sandwiched between the giants and the startups is to transform and transform fast.
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