Insurance Blog | Accenture

The previous post in this series identified several reasons insurance carriers are at growing risk of digital disruption. To address these vulnerabilities, insurance carriers must strengthen their fragile hold on their traditional customer base and develop new revenue streams as autonomous vehicles, the sharing economy and lower asset ownership begin to eat away at premium revenue.  They must focus on:

  • Getting in contact with the customer earlier in the value chain – in other words, before moments of truth such as having a child or financing a new home.
  • Increasing customer contact and becoming part of the consumer’s everyday life.
  • Delivering a more personalized, convenient and enjoyable customer experience.

A new business model is emerging that will allow insurers to achieve these goals: The Everyday Insurer. The Everyday Insurer is a carrier that provides customers with ‘living services’ that help them at the moments and micro-moments that matter in their lives. Rather than simply promoting specific products or leveraging corporate assets and distribution networks, it prioritizes meeting the needs of its customers.

Living services are the result of two powerful forces: the digitization of everything and ‘liquid’ consumer expectation. They will transform the way we live by removing mundane tasks and offering services that delight us—think of how Uber makes the hassles of car ownership disappear from the personal transport experience. By wrapping themselves around the everyday things we do, living services learn our habits, likes and dislikes and become tailored to our individual and changing needs.

An Everyday Insurer uses digital interfaces such as the Internet of Things, mobile apps and artificial intelligence to weave its customer experience into the consumer’s day-to-day life and to gather data in real time that helps it better tailor its offering to each individual customer’s needs and context.  It will learn—and adapt to—customer’s habits, likes and dislikes in real time, creating living services that are engaging, interesting and indispensable to consumers.

Insurers can embrace three complementary Everyday Insurance business models to increase their relevance to the customer—that will be the focus of my next post.

Read The Everyday Insurer to find out more.


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