“To build a constant relationship with your customers, you can’t simply sell contracts and manage claims. You need to live alongside your customers and offer much more: prevention, protection, assistance. To do this in a way that is relevant and gives value, you have to use connected objects and big data for bespoke products and services that are contextualized…the right thing at the right moment.“— Yves Caseau, Head of AXA’s Digital Agency
The future of insurance is in technology that empowers people—technology that conforms to our lives instead of the other way around. Accenture’s Technology Vision for Insurance 2017 reports several indicators that buying insurance is becoming a more user-friendly experience, largely due to technology that’s becoming increasingly more personalized and interactive. In the next wave of technological advancement, people come first.
How well do you know your customers’ desired outcomes? To best serve customers, insurers must shift their role from driving people toward a product or service to partnering with their customers to reduce risks and improve outcomes at home, at work, or in their vehicles. Eighty-two percent of insurers agree that organizations need to understand not only where people are today, but also where they want to be.
Insurers that take a more holistic approach to understanding their customer journey will be able to develop deeper reciprocal relationships with customers. Accenture research shows that 57 percent of insurance customers are willing to share more information with their insurer in return for more benefits, and 64 percent say it’s important they receive more personalized advice. Accuscore and Verisk Insurance are two companies that aim to promote ‘level playing field’ standards for usage-based insurance in the automotive and insurance industries, which can help customers with safe driving and low usage to save on premiums.
Technology enables insurers to provide better experiences and services to customers in places that are more convenient. Science fiction has become reality with the rise of artificial intelligent, the Internet of Things, blockchain, big data analytics, and other technologies. Touch displays, mixed reality, natural language processes, and learning capabilities make interactions with technology feel more human. Canada’s Manulife is improving its contact center customer experience using Nuance’s natural language understanding (NLU) and voice biometric technologies. Eighty percent of insurers are prioritizing ease of use and simplicity in their user interface to ensure the experience is more human-like.
This attempt to humanize insurance businesses and technology has many potentially positive implications for society. Insurers also have an opportunity to reinvent their businesses, create new revenue streams and define a new role for insurance in a changing world.