Much of the sharing economy has been attributed to Millennials, who grew up with the idea of sharing and on-demand access. Despite early expectations that Millennials would grow up and grow into the same consumption patterns as generations before them, there are some clear differences.
Consider that only 66 percent of Americans under the age of 35 own cars—that’s down from 73 percent in 2007. Als . . .
Insurance leaders today view data as among their most valuable assets—some even call it the lifeblood of their organization. Yet few insurance companies have mastered the concepts at the foundation of modern data management— ideas such as the mobility and portability of data, its structure and velocity, and data as a “saleable” product or monetization.
Fewer still are comfortable with these concep . . .
In my last post, I looked at how mobile apps provide new opportunities for P&C insurers to build better customer relationships. Now, I’d like to focus on the other trend that is rapidly changing consumers’ expectations of the customer experience they get from their insurance providers—the inexorable rise of social media.
Social media has shifted the balance of power from service providers to c . . .
Cyber-crime is also an opportunity for insurers
The threat of cyber-crime, and the regulation designed to protect against it, have become a cost of business for insurers, along with everybody else. But it also represents a new type of risk for them to cover.
My previous three blog posts focused on the reality of cyber-crime, and how insurers could use big-data analytics to help protect themselves— . . .
Thanks to falling prices and miniaturization of microchips, consumer wearables such as Nike’s FuelBand, Adidas’s miCoach, and Fitbit are rapidly becoming commonplace. These devices track exercise and physical activity in ways that allow users to easily gain insight into their performance—often in real time.
This gives them information they can use to make decisions about picking up the pace, going . . .