Other parts of this series:
- The Post-Digital Era: Getting ready for what comes next
- DARQ Power: 4 key questions for your organization
- Get to Know Me: Unlocking unique consumers and opportunities
- Human+ Worker: Change the workplace or hinder the workforce
- Secure Us to Secure Me: Reframing Risk with Technology
- MY Markets: Meeting needs at the speed of now
The last and final trend identified in our Technology Vision for Insurance 2019 report is meeting consumer and organizational needs in real-time. Being in a post-digital era means that simply being digital is no longer enough. Organizations need to offer innovative solutions and use technology to create a world of intensely customized, on-demand offerings.
Increasingly detailed data and access to powerful analytics are helping insurance companies better understand their markets faster than ever. Each new technology is an opportunity for organizations to re-invent their services––and each opportunity should be viewed as an individual market, if only a momentary market.
To certain extent insurance is an impulse purchase, often prompted by life changes, such as the purchase of a new house or vehicle. The key is to be present at the place and time that the opportunity arises. 76 percent of customers believe it is easier than ever to simply take their business elsewhere, according to Accenture’s Living Business research, so it is more important than ever to capture the moment and deliver a strong product, quickly and effectively.
Interestingly, Google, Apple and Facebook are often present at those impulse moments and have access to behavioral data and are moving toward the insurance space. With that in mind, it’s important to honestly ask if you are positioned in the same way––and if not, how can you move toward it?
One of the most important steps to remaining relevant is to embrace AI, as I outlined in the second post in this series in which I discussed DARQ. AI has the ability to take vast data sets and create predictive models that can help insurers anticipate the future. But seeing into the future is only one part of the equation. Insurers must be ready for when those moments come.
The momentary world will be built on the Internet of Things. By 2020, there will be 31 billion connected devices in the world, and that number will more than double to 75 billion by 2025. Every device is a new channel, a new source of data, and a new way to identify and reach a momentary market.
With nearly every business embracing the importance of digital transformation, insurance companies need to look toward their next opportunity for differentiation—momentary markets.
Just as people no longer say they live in the ‘age of electricity,’ we are no longer in the digital era. Even if the pace of digital transformation has not been as rapid in insurance as it has in media, retail, or banking, the time for pilots and experimentation is long past––and insurance leaders must begin to strategize for what’s next. With the right level of understanding, insurers will be able to meet people in their moment of need in a post-digital world—becoming a different business to every single customer.
To read more about the Accenture Technology Vision for Insurance 2019, you can download it here. If you’d like to learn more about tech, trends and insurance, I encourage you to visit the Accenture blog, where I have several series exploring everything from data veracity and how it’s reshaping insurance, to life insurance and the internet of thinking.