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As we move into a new phase of innovation in the wake of the disruptions caused by the COVID-19 pandemic, insurers need to look ahead to determine what their technology priorities should be today. Our Technology Vision 2022 The report focuses on the expansion of the digital world and the growing overlap between physical and virtual reality. One trend that I think is most relevant to insurance companies is Accenture’s vision for a Programmable World.
An Accenture report states that 74% of executives worldwide said that the number of IoT or edge devices deployed in their organizations has increased significantly over the past three years. With this data in mind, insurers need to understand how their products and customer interactions can stand out in an increasingly digital reality.
If insurance executives want to move forward, they need to focus on functionality, not novelty. A truly programmable world will be based on reliable technologies that increase efficiency and engagement while significantly reducing costs and effort. The question is not, “How do we develop new offerings to show that we can keep up with the latest technology?” The question should be: “How do we design or tailor products and processes to deliver maximum customer value in a programmable world?”
There are two use cases for insurance that I believe will be heavily impacted by innovations in the programming world: customer acquisition and built-in commercial insurance. The implications of augmented reality (AR) and technologies such as programmable content could change the way private lines and large commercial operators do business.
Rethinking customer interaction
For personal line operators, augmented reality and IoT technologies offer new opportunities to personalize customer service and improve the claims process. We are already seeing auto insurance companies adopting IoT technologies such as connected telematics devices to offer more personalized, usage-based insurance. This application sets a precedent for the rest of the property insurance industry.
Innovation in this area is already happening with offerings such as Visi’Home by Allianz Partners, which the company launched in France back in 2020. Visi’Home is a video diagnostic service that supports customers remotely in case of damage to their home or property. Support staff can assess damage and connect customers to repair resources without sending anyone directly. They can also initiate a redress process based on the rating of the video.
For example, with augmented reality glasses technology, this process can take place in real time, potentially without human intervention. The AI can scan for damage and make recommendations to the client by providing a list of resources or initiating a phone call to the nearest specialist and telling the client what their policy covers, all at the moment.
IoT solutions and innovations that break down the barriers between real behavior and digital data collection can also enable insurers to understand and support their customers on an increasingly personal level. computer vision, speech recognition, and wearables could allow the environment to respond to people as they walk through it. One example cited in the technology vision report is a set of stairs that turn into a ramp when approached by a wheelchair user. Technology like this could make spaces safer by changing the way things like homes, vehicles and small physical businesses are insured.
Understanding how customers interact with the environment is also important for life insurance companies, although data ethics and privacy should be at the forefront of this type of innovation.
Customers are accustomed to what Tech Vision calls a “virtual lifestyle” during the pandemic – connecting with colleagues, friends and brands often exclusively online. The Metaverse will allow us to lead virtual lives in new ways, similar to the development of social networks that allowed us to build virtual lives in the first place. Telecom operators should focus on expanding the convenience and personalization of the virtual world in the daily life of customers: improving the well-being of customers and optimizing interactions with the help of new technologies.
Implementation of insurance in the activities of the enterprise
After publishing last year’s Insurance Technology Vision, I discussed how digital twins can assist insurers with distribution, underwriting, operations and claims. Using data from devices connected to the Internet of Things and 5G, digital twins can provide data and context about the environment in real time.
In my previous post on the subject, I gave an example of digital twins giving deeper context to car accident claims. I see a similar application of digital twins in commercial manufacturing and warehouse environments. With digital twins, every piece of equipment in a factory or vehicle in a fleet can continuously generate data about risks such as wear and tear and tell workers when equipment needs service.
For workers, digital twins, combined with augmented reality and IoT technologies, can also improve workplace safety by changing the way operators insure workers’ compensation. In another compelling example from Tech Vision, a worker moving through a factory can see an overlay of potential hazards using augmented reality goggles, and machines can be turned off and back on remotely as they pass by, reducing the chance of workplace accidents.
However, equipping entire factories and workforces with IoT will be costly. Here is the computer machine vision introduce, allowing insurers and their clients to “step over”, getting rid of the need to fully equip premises and people with physical equipment. Advances in machine vision make it easier to use visual data for diagnosis and risk assessment. Instead of relying on wearables and embedded sensors, commercial operators can use a network of cameras to do the same job. Companies such as Basler and Qualcomm are already developing turnkey solutions with powerful cameras and integrated machine learning systems that perform advanced object classification and face recognition.
Because risk data is constantly available to both commercial customers and carriers, underwriters have a much better understanding of risk, allowing for more customized and cost-effective insurance premiums and products. In a programmable world, insurance risk assessment can be built into every part of an organization’s operations.
Looking to the future
The programmable world provides insurers with many opportunities to get closer to their customers and the assets they insure through more direct access to real-time data. It will also enable insurers to respond faster to customer needs and process claims more efficiently. In general, the programmable world could be safer and perhaps more predictable. With this in mind, insurers can think about how they can be first in this reality with more security and less risk.
If you would like to discuss your digital strategy and expand your reach in the programmable world, please contact me.
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Disclaimer: This content is provided for general informational purposes and is not intended to be used as a substitute for consultation with our professional advisors.
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