The road towards creating more agile, open systems for insurance processing is generating many difficult decisions around technology choices, and cultural change. We have commented in a previous blog about what’s really behind the insurance drive to innovate.
To most typical insurance companies, it can seem like a confusing array of threats and opportunities, and important technology decisions to be made, both short-term and long-term.
As I commented during last year’s Customer Advisory Meeting, change is coming fast to the insurance industry. The average attention span of a human has been falling, from 12 seconds in 2000 – or around the time the mobile revolution began – to eight seconds. Goldfish, meanwhile, are believed to have an attention span of nine seconds.
Delivering data assets in the future will be all about bringing it back to the precise point of the consumer’s need in the connected world.
With the connected car and connected homes, traditional business barriers are being broken, requiring insurance providers to join in different types of relationships.
To take just one example with auto insurance, the automotive and insurance industries share 100% of the same customer base, and we know many interesting discussions are starting to happen around the concept of the connected vehicle.
There is a push to test, re-test and learn from the technology building blocks – the data platforms – that we are helping insurers to put in place.
Then there are the more futuristic elements of insurtech, the consumer apps, application form pre-fill and new ecosystem services. These digital touchpoints are what consumers are seeking and they very much represent the future, in terms of loyalty and creating an insurance experience that seems simple and intuitive.
Insurance providers are looking to derive ROI from each step change in technology, and from each new data set that we at LexisNexis Risk Solutions are able to deliver into their systems. At the same time, there are important long term goals on the horizon with sensors and new sources of risk data coming from the Internet of Things (IoT), smart homes and smart insurance.
With this in mind we have created the ‘Execute Today, With Tomorrow in Mind’ video. We hope it will help you to think about the long-term and short-term goals you have within your own organization.