Other parts of this series:
- Creating New Models for a Digital Customer
- Emerging Business Models for Insurers: The Virtual Insurance Advisor
- The Everyday Risk Coach: Reducing Risk and Rewarding Customers
- Broadening the Customer Base with “Plug & Play” Insurance
- The Ecosystem Orchestrator: Giving the Customer Broader Options
- The Peer-to-Peer Network Operator: Tapping into new customer pools
- Insurance distribution: The need for change
Help customers live safer lives every day.
We have talked in this blog series about the five emerging insurance business models. In the most recent blog, I discussed how insurers can use virtual advisors to expand and enhance their engagement with customers.
The second of our five models is the “Everyday Risk Coach”. Customers need and value frequent advice to help them live safer, healthier, and more financially secure lives every day – whether they are driving, at home, managing their own health or running a small business.
The abundance of data flowing from the Internet of Things and from consumers’ own digital footprints allows for granular tracking of their daily behavior and habits. And insurers, device owners and data partners are willing to collaborate and share information to serve customers on a regular basis.
Consumers indicate they want this kind of information. Accenture’s 2017 Global Financial Services Consumer Survey found 76 percent of respondents are interested in insurers’ helping them or their aging relatives live longer safely in their own homes, 64% are interested in real-time notifications when they enter driving routes with a high frequency of accidents and 68% are interested in mobile alerts about potential fire, smoke or carbon dioxide hazards.
This new operating model is already starting to appear in different forms. Vitality, for example, has partnered with John Hancock in the U.S. to encourage exercise and other aspects of a healthier lifestyle by leveraging connected devices like Fitbit. Policyholders can accumulate points for staying healthy, which can turn into discounts for life insurance premiums or an Apple Watch for a few dollars and fulfilling an exercise commitment.
Next week we’ll discuss the “Plug and Play” insurance distribution model.
- Read “The Future Of Insurance Distribution: New Models For A Digital Customer” Accenture.
- For a description of the three customer personas, read my recent blog, “Does it feel as though nothing will please all your insurance customers? You are right.”
- Read the first post in this series: “Creating New Models for a Digital Customer”
- Read the second post in this series: “Emerging Insurance Business Models: The Virtual Insurance Advisor”