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2016 Insight Reports
Managing Inland Marine Insurance on an IoT Platform
Two emerging concepts born in the Fourth Industrial Revolution are coming together: IoT and platforms. The fusion of the two concepts will pressure inland marine and other property insurers to transform their manner of conducting business. The expanding deployment of the IoT within commercial insurance clients’ products presents property insurers with new risk mitigation. Correspondingly, commerce is increasingly being conducted digitally rather than imprisoned within geographic silos, and Market Insight Group believes it will be mostly conducted on platforms in the next five to seven years. This fusion has two implications for inland marine insurers: the need to meet market expectations to offer IoT-shaped property insurance coverage, and the opportunity – which will become an imperative – to interact with and provide value-add services to clients on a platform. Market Insight Group believes inland marine insurers should meet the expectation and fulfill the opportunity by shifting company strategies, go-to-market initiatives, and other business operations to IoT-enabled platforms.
Competing in an Era of Immediacy (A 2020 Trends Report)
Humans and technology are inseparable. The statement that “first we shape our tools and then our tools shape us” has been attributed to several people, including Winston Churchill, Marshall McLuhan, and Father John Culkin, SJ, a Professor of Communication at Fordham University in New York who was a friend of McLuhan. Regardless of source, the co-evolution of humans and technology is now moving exponentially and bringing an era of customer immediacy into greater focus. There are three mega-trends that are accelerated by our tools shaping us and creating the era of customer immediacy: the quickening metabolism of the marketplace, the rising of robots, and decision-making getting simultaneously simpler and more complex. Insurance firms will need to weave the mega-trends into their strategies and tactical initiatives to compete in the era of customer immediacy.
Competing in the 2nd Half of the Chessboard: A 2020 Trends View
This 2020 Trends presentation, delivered to both the Executive Management Program and Applied Net attendees at the 2016 Applied Net Conference held September 19 – 22, 2016 and later in the week to the Applied Net attendees, covers:
- Why insurers are now competing in the 2nd half of the chessboard
- 2nd half technologies reshaping markets
- How to find and service the 2nd half customer; and
- What insurance firms might do to prepare now to conduct business in the 2nd half of the chessboard.
The presentation is available for free but the Insight Report is only free to subscribers. Others may purchase a single copy of the report.
Available to View on a Complimentary Basis
Noteworthy … Vidyard: The Video Intelligence Platform
Vidyard provides a video platform that offers insurance firms the capabilities to support a wide range of customer-journey activities. These capabilities include determining a panoply of video media management issues, including who watches the video (and which parts of the video), how long the viewer is engaged, and the effectiveness of the video content and the medium used to publish the video. Since its launch in 2010, Vidyard has continued to attract investors and strengthen its position in the video platform space by hiring sales and marketing executives; establishing strategic, implementation, and content partnerships; adding to the platform’s capabilities; and integrating the company’s video intelligence capabilities into major marketing and sales platforms including Salesforce, Eloqua, Marketo, and Adobe.
Insurance Product Development: Always Juggling Stakeholder Needs
Insurance products represent an (in)tangible expression to the market of an insurance firm’s willingness to accept, or reject, various types of risk. From a commerce perspective, products are the vehicles the insurance company uses to reach its target markets, sometimes through intermediaries and sometimes directly to clients. Insurers are fortunate that they work entirely with digital resources rather than physical resources (other than people) to create, deploy, and manage products. This provides insurance firms with the flexibility to bring new products to market. However, Market Insight Group believes that insurers need to take better advantage of the digital nature of their business and mobile digital marketplace to create more products more frequently to meet the changing expectations of clients and intermediarie
Instanda is a tool from the F2X Group that strives to quicken the online cloud-based insurance product development and launch process for insurers, brokers, and MGAs by putting the requisite product development and post product deployed management process capabilities into the hands of business users. The Instanda tool is shaped by and supports the many-to-many relationship between an insurance firm, the products the firm needs to develop, and the different types of channels the firm uses to go to market. Insurance firms using Instanda can develop, create, and launch different versions of the newly created insurance product. Once the product design is finalized, Instanda publishes the product forms and related material with the same or a different look and feel directly to the marketing and product web sites of the channels the insurance firm uses to go to market.
The Video Imperative to Improve Insurance Customer Experience
Video grabs customers’ attention. Video, while not completely immersive, immediately engages customers’ senses of sight and sound. Video can be one of two major types: video used as an object of packaged visual images, or as an interactive process of visual images. The video package is useful as an asset for anytime, anywhere training and education. Although the video process can also be used at some future time, it creates an interlude of immediacy that wraps time, space, and interaction together to bring customers and insurance professionals into the video environment to accomplish a business objective. Either the video package or the video process can help insurers support CX, but Market Insight Group believes that the video process helps insurers improve CX.
Insurance Industry Collaboration 2020: A Look Ahead
What will be the best way for insurers to collaborate in the year 2020? The answer is critically important to each company’s ongoing competitive success. The industry has always been a panoply of interactions. There are employees and producers to onboard, products to develop, underwriting practices to update, claims to manage, and as importantly, service to provide to customers and producers in a manner that reflects the always-heightening expectations of the marketplace.
In this future-oriented report set in 2020, we discuss how an insurance company, NSEW, uses a Five Pillar Framework to manage every collaboration session. The Framework is built on the philosophy that it needs to be a collaboration participant-focused solution created through the use of design skills and software engineering. The creation of the Framework is guided by four principles: easy to use, mobile focused, agnostic of form factors and operating systems, and immersive to the extent that a participant feels “emotionally” surrounded by a collaboration solution.
Available to View on a Complimentary Basis
2015 Insight Reports
Perspectives of CX-Shaped Life Insurance Geospatial Initiatives
Traditionally, life insurance product development, marketing and sales are driven by customers’ current and future positions in the products’ life cycles. But most of these life insurance initiatives are neither focused on customers nor supported by geospatial capabilities. However, life insurers guided by the philosophy or equation “life cycle needs + location” are able to develop value- add services that, when augmented with life and/or annuity insurance, can better meet customers’ needs throughout the life cycle.
2016–2018 Technology Trends: Insurers Must Move Beyond the 32nd Square
If it seems that technology and associated technology capabilities are moving faster than you can handle, you’re correct. The nature of technology is expanding exponentially, and at the same time, insurance firms’ ability to create and deploy solutions using new ICT to get and keep customers is falling behind and quickly aging. However, insurers can’t use this never-ceasing expansion of ICT applications into the second half of the chessboard (i.e. beyond the 32nd square) as an excuse to continue to use “traditional” technology to support their companies. Customers now have the power in the commerce equation and will increasingly expect to have immersive, seamless, real-time experiences when conducting business with insurance firms throughout 2016–2018 and the years ahead.
Noteworthy … Livegenic
￼Livegenic is a technology firm that provides a video claims management platform with real-time capabilities. The capabilities support video collaboration, including video management and recording, as well as still picture management. Livegenic’s objectives are to improve and quicken the insurance claim notice, adjudication, and settlement processes. Although Livegenic is primarily targeting the claims process, the company believes – and Market Insight Group agrees – that there are additional functional departments across the insurance value chain that could benefit from using real-time video to improve customer service and decision-making.
￼The Role of Mobility in Transforming Insurance Sales & Service
Mobile capabilities whet the customer’s appetite with a promise of being able to conduct commerce from anywhere. Smart devices with rich functionality are delivering on that promise by putting customers squarely in the center of commerce and service interactions. Insurers can’t be bystanders to this reality of mobile-enabled commerce. They need to satisfy customers’ changing preferences as to how they conduct insurance commerce. Market Insight Group believes that “mobile-next” insurers will emerge within the next three to five years to support customer and channel mobile commerce and service interactions.
2014 Insight Reports
2015–2017 Insurance Trends: Insurers Must Run Faster Than the Red Queen
Regardless of the societal, commerce, technology, and other changes occurring around the industry, insurers are fortunate that the answer to the question – “What business am I in?” – remains the same: managing risk. However, the financial viability, and customer acceptance, of how insurers conduct business has become more precarious as the triumvirate of the web, mobility, and digital media has continued to fuse together. Throughout 2015–2017, insurers will come under more pressure to redesign their business models governing go-to-market approaches, channel mix, and customer service.
Taking the Pulse of P&C Insurers’ Use of Geospatial Capabilities
P&C insurers use geospatial solutions for tactical and/or analytical initiatives: the former to support more effective claim adjudication, and the latter to better manage the risk of their total books of business and/or better prepare for potential future loss events. Both of these types of geospatial-enabled initiatives are necessary. However, we believe that all P&C insurers, while complying with regulatory requirements, should use geospatial solutions to change how they go to market, develop products, place field offices, select distribution channels, price products, and provide customer service.
Profiling Geospatial Technology Vendors
Risks and opportunities jump out of digital maps. Insurers that primarily use reports to find and analyze market risks and opportunities are burying themselves in an opaque thicket of words. The thicket may be comfortable and cozy, but insurers using visualizations of geographic areas will be in a better position to identify, analyze, and act on the risks and opportunities in the marketplace. This need to be able to visualize a geographic area is becoming imperative as society grows more populated with sensor- enabled people, devices, and property.
Noteworthy … Clari
Clari is a technology firm that offers a sales productivity platform crafted entirely from the perspective of a salesperson using a mobile device. Salespeople using the solution receive real-time customized content specific to each of their deals and relationships to increase the likelihood of closing each sale. The content is generated from machine-learning and pattern-matching algorithms acting on a wide spectrum of content from CRM, other enterprise systems, and external data. Clari’s solution-design principles include providing an elegant, easy-to-use interface and realizing salespeople want results while having to enter as little as data as possible.