In our previous post, we discussed five trends that Fjord Design and Innovation from Accenture Interactive suggests are likely to impact service design in the next year. This week, we’ll look at an additional four trends that insurers should watch.
Digital Disruption Goes Physical
Now that the physical world is laced with sensors and overlaid with software, digital is able to transform physical interactions into digital services. But while the capability for vast data generation and communication exists, the critical role of storage and analysis hasn’t yet been fully explored. In the race to sense and record the world, two types of leaders will emerge: those with the market lead in smart devices and those with the market lead in collecting and analyzing measurable human action.
Millennials prefer short, visual messages and quick interactions, so it’s no surprise that messaging services are merging with the ecommerce space to capture the fleeting attention and money of social users. This social and emotional layer, over what was once a purely transactional behavior, is changing the way we mobilize our money and will compel brands to adapt their content into an authentic conversation for users.
Interactions in Connected Systems
ABI Research estimates that over 30 billion devices will be connected to the Internet of Things by 2020. Most electronics manufacturers have been engaged in a cost-cutting race to the bottom, often focusing on singular interaction, but devices need to manage functions from more than one input to be successful. Smartphones and wearables, for example, could interact with a whole range of sensors that you never see and submit data to cloud data services you don’t own, but which act on your behalf. But it’s important for companies not to lose sight of the central goal—to solve real problems for the end user, whether it’s climate control, community wellness, assisted living or peace of mind.
The Sixth Sense
According to a recent study, there is a discrepancy between what retailers think their most valuable website features are (keyword search) and what their customers really want (inventory status). To satisfy users, companies need to be faster than instant—they need to be predictive. They need a solid data strategy that addresses emerging data sources and the potential uses for that data, and well-defined ethical conduct for the use of that data. And they need to remember that users expect not only a personalized experience, but also a guarantee of trust and certainty.
For insurers, there are some solid takeaways here in terms of taking advantage of predictive analytics and designing systems to allow authentic conversations with customers and provide them with personalized experiences. It’ll be interesting to see the innovations that come out of these trends over the next year.
Download the Trends 2015 report.