Data—getting it, organizing it, using it—is going to be critical for digital insurers.
My last series of blogs focused on the opportunities inherent in disruption. It’s very clear to me, especially when I look at the last three posts (The telematics opportunity, Hi, honey, I’m your home… The smart/ connected/ distributed home (and factory) and Becoming a health partner: The opportunities created by disruptive wearable technologies) that a common thread is emerging: data. There’s just going to be much more of it available, and we are going to be able (and required) to do more with it.
I’d like to come at the data issue from a slightly different angle in this new series, using the Accenture Technology Vision 2014 as my guide. The insurance practice recently produced an excellent insurance-specific version of this vision, From digital wallflower to digital disruptor, which applies the six trends identified by the vision to the industry.
The first of these trends is called “Digital-physical blur: Extending intelligence to the edge.”
Humanity’s control over its environment continues to grow as growing numbers of smart objects, devices and machines increase our insight into, and control over, the physical world. Because there are increasingly large amounts of intelligence built into the “system,” machines are increasingly able to augment human capabilities and automate processes. In addition, they are becoming part and parcel of how we live.
In short, the boundary between the digital and physical worlds has started to blur.
These machines are providing insurers with quantities of new data relating to their customers, data that will enable them to improve the way they manage risk and develop products and services. In the end, used correctly, this data could help insurers transform the way they relate to customers, creating delightful experiences and allowing them to become their clients’ lifestyle partners, really helping them improving their lives.
Next time, I’ll continue by looking at the wider implications of this trend.