In this series, I’m discussing seven major innovation trends we saw emerging out of the Efma-Accenture Innovation in Insurance Awards 2017. Please visit here to read part one.

In this increasingly digital environment, consumers have come to expect an unprecedented degree of engagement with retailers and service providers. Our research reveals that consumers are no longer content to be merely satisfied with their consumer experience, they now expect to be delighted—in all aspects of their consumer journeys, and at every touch point with relevant and personalized advice.

Here again the combination of big data and AI capabilities open up a entirely new space for insurers to provide virtual advice to their clients as well as their agents and brokers.

Most insurance consumers are willing to receive computer generated advice about their financial investments; 74 percent for advice about the type of insurance to purchase, 78 percent for advice about investment asset allocation, and 30 percent for advice on planning for retirement.

Amongst of the wealth of innovative virtual advice cases we saw in this year’s edition, I have selected the three below that illustrate the vast potential opening up for innovative digital insurers.

Munich RE Group’s ‘Digital Doctor’ is an app that uses AI to enable users to check their symptoms with a virtual advisor that offers a pre-diagnosis and the opportunity to speak with a doctor via web chat or on the telephone. Digital Doctor offers efficiencies from an insurer’s perspective by significantly reducing waiting times, avoiding some unnecessary medical appointments, and a decreased risk of patients getting sicker while they wait to be seen by a doctor. As a customer service tool, the app’s dynamic learning interface gathers user data from patients that can then be leveraged to make additional offerings.

Tokio Marine & Nichido Fire Insurance (Japan) last year deployed ‘Mobile TNet’, its collaborative platform for agents that allows them to use their smartphones to access and share centralized customer information as well as to communicate via chat. The platform features an AI virtual assistant that helps agents plan their activities and record information.

Clark (Germany)

InsurTech startup Clark offers mobile apps that let customers manage and purchase various insurance products. It uses algorithms to analyze their current insurance coverage and proposes opportunities to optimize premiums and coverage. Its robo-advisors assess each user’s insurance situation, scan policies from various providers and send chat-messages to alert customers to insurance opportunities. The Clark app consistently ranks in the top three finance/ banking apps in Germany and some 500.000 Android users have already downloaded the app.

In my next post, I’ll discuss a third emerging insurance business model, The Everyday Risk Coach.

To read my analysis of this year’s Efma-Accenture Innovation in Insurance Awards winners, visit here and here.

To read more about the submissions to the Efma-Accenture Innovation in Insurance Awards 2017, and to register for 2018, visit the Efma portal.

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