The Insurer of the Future – Part 6 – Products

Publish date:

The Insurer of the Future’s customer won’t have to buy individual products. Instead, she’ll buy a total risk management solution which constantly flexes to meet her actual needs – and charges her accordingly.

The Insurer of the Future‘s customer won’t have to buy individual products. Instead, she’ll buy a total risk management solution which flexes to her needs month by month, day by day, and hour by hour. And she’ll be billed according to her actual usage, so she’ll never be under, or over, insured.

When the Insurer of the Future‘s customer leaves her house, the accidental damage element of her home cover will decrease – because she’s no longer there to damage anything. But her flood and fire cover will go up, as she’s less likely to spot such events early.

If she buys a new TV, her Insurer will know that, and add it to her policy. They will also ask what’s happening to the old one, and remove it if no longer relevant.

If the customer goes hiking in the wilderness, the Insurer of the Future will pick that up and increase her life cover. If her hiking is abroad, travel covers will kick in automatically. And once the customer is back home safely, her cover, and her premium, goes down again.

Once the Insurer of the Future has earned its customer’s trust, she might choose to open up her current and future Search history and Social Media accounts to its systems. That way it can monitor what she’s thinking about doing (bungee jumping, getting married, having a baby?) and step in with timely advice and support.

Some of the Insurer of the Future‘s older employees remember when ‘customer lifetime events’ were the elusive holy grail. Not any more – now the Insurer knows about all of these events, often before they even happen.

Please see Part 7 – Product Development for further predictions.

Related Posts

#WIR18

Health insurers leverage wearables to enrich customer engagement

Sziklai, Aimee
Date icon October 22, 2018

Wearables’ data benefits health insurers and providers.

Customer Engagement

InsurTech impacts new business model growth

Shivakumar Balasubramaniyan
Date icon September 27, 2018

InsurTech firms are integrating social media and third-party data in real time to gain customer...

Digital Transformation Institute

Implementing intelligent automation in Insurance: A roadmap for success

Alan Walker
Date icon September 17, 2018

Four distinct phases for a firm’s automation journey: creating a vision and garnering...

cookies.

By continuing to navigate on this website, you accept the use of cookies.

For more information and to change the setting of cookies on your computer, please read our Privacy Policy.

Close

Close cookie information