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.

Consumers crave personalized, real-time services that add value to their everyday life.

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.

Learn More:

Submit a Comment

Your email address will not be published. Required fields are marked *