Is the future of Insurance commoditization or innovation & personalization?
Only Insurers and Agents can decide!
The Traditional Insurance Moment Of Truth is No Longer limited to The Claims Experience – but is defined by the ability to provide proactive, prescriptive, and preventive products and services via their customers’ preferred channels.
While insurers have been making significant investments in data infrastructure, aggregation, and quality to create a single source of truth, little progress has been made in customer analytics and actionable insights generation, let alone implementation.
The focus over the last 20 years has been and continues to be on core system implementation, process automation, and optimization vs. innovation and personalization of the customer experience.
The amount of customer and SOR data available continues to grow exponentially (“BIG DATA”). However, insurers remain far behind the curve in their ability to ingest and leverage this data for actionable insights for underwriting (UW), pricing, claims adjudication, product innovation, and customer journey and experience optimization.
Insurers continue to focus on “table stakes investment” versus innovations that deliver the personalization, predictive, prescriptive, and prevention value-added services, and product innovations that The Future Insurance Customer expects.
Personalization driven by predictive, prescriptive, preventive services and innovative products can only be provided through actionable customer, product, channel, and agent data-driven insights.
Are the insurance eco-system participants ready to collaborate, share, and partner to create the insurance eco-community and customer experience of the future or surrender to being commoditized?
If so, we’re left to overcome the following challenges…
- Institutional inertia
- Customer and data ownership
- Slow adoption of emerging technologies (AI, NLP, RPA)
- Disparate data sources
- Legacy systems
- Inability to consume Big Data volumes
- Continuing the decades-long process of investing in core systems replacement
- Manual workflows
Ready to personify this pre-emptive vision of success? Contact Mark Smith, President of OZ’s Global Insurance Practice, to integrate the latest technologies and processes to outpace demand and enhance customer interactions for your business.