Competition is fierce and comes from different directions. New technology and open markets attract newcomers, even from other branches. Even in the more conservative markets with lower technology adoption their influence is inevitable. You can wait, follow or lead. Repeatedly, research clearly shows that leaders create more business value and profit than laggards. What if you could profit from out-of-the box cutting edge technology to help you to lead instead of wait?
Insurance Experience is on its way to become prescriptive using the Internet of Things devices and sensors and artificial intelligence. Soon you will be able to present dynamic pricing based on behavior or lifestyle. Your virtual self will be present anytime anywhere with your customer. Make sure you are prepared.
Internet of Things
The IoT has already been changing the way motor insurance is bought, sold and processed since the early 2000s, home insurance companies are realizing the claim-reducing potential of the technology - and it's resulting in cheaper premiums for customers. Besides, people are wearing smart watches, use wearables to play sport or for every usage. All these devices have the potential to bring insurance new products and business models alive. The sensors will provide all data and your system will process this information and present you aggregated data for customer touch points.
In the end, it is all about generating the right offer at the right moment for the right person.
The more Customer Touchpoints you can create, the more the likelihood will increase that a customer will buy products and services from you. Once these products are bought, you will also need a personalized way to continue support your customer to limit customer churn. In such a way the insurance broker will manage the entire product lifecycle while staying in touch with his customer through different channels