Other parts of this series:
As I’ve argued in this blog series, the Everyday Insurer business model offers carriers ways to generate new revenue streams from expanded insurance business—including new distribution partnerships, more effective cross-selling, coverage of new risks, and new protection services—and from non-insurance revenues—for example, monetizing customer data and relationships with ecosystem partners.
Moving to the Everyday Insurer paradigm will be an unprecedented rotation to the new for most insurers. It demands that they focus on many dimensions at once:
- Breaking down organizational siloes and orienting the business around customers rather than brands, business lines, products, or distribution networks.
- Building platforms and open ecosystems that integrate the best insurance and non-insurance services.
- Developing a customer relationship model based on using real-time data to facilitate the provision of living services.
- Moving from product design to service design, with a massive shift from selling products to improving the customer’s life.
- Adopting a two-speed IT model, with the high-speed component dedicated to the pillars of living services: the IoT, data analytics, AI, cloud, and cyber-security.
- Developing an augmented workforce, able to design, grow and control living services as well as to manage more complex and frequent interactions with customers. This workforce will be ready to take risks, and empowered with the expertise and information it needs to take the initiative.
The pace of change is such that carriers who do not get started now will not have time to adapt. But those that mobilize their people and resources around the Everyday Insurer concept will be well positioned to compete in an environment where consumers are looking for simplicity, convenience and personalization from every customer experience.
Read The Everyday Insurer to find out more.