This has been a year like no other. And as you may remember from this previous post, CCC participated in 2020’s InsureTech Connect virtually.
From their homes in different parts of the country, cross-industry thought leaders beamed their thoughts and insights to the ITC audience and shared their take on changing consumer behavior as well as the accelerated adoption of digital tools.
If you were able to join, thank you! It was a lively discussion. If not, you’re in luck. Below captures the main takeaways from each speaker.
Deniz Cultu, Partner at McKinsey & Company
Deniz began by providing his perspective on the marketplace and how the insurance landscape will drastically change over the next 5-10 years.
- Millennials and post-millennials, a group extremely comfortable with digital interaction and platforms being engrained in their daily lives, are changing the consumer/employee mix
- Carriers must evolve to meet this moment, further accelerated by COVID-19, but also be mindful to not isolate their other customers who are still getting up to speed with new technologies.
- Beyond the advancing innovation of insurance processes, we can now have unmatched access to data.
- Powerful analytics round out customer profiles with increased accuracy, help carriers pinpoint the exact right moments to engage with customers, and shape the context of each interaction.
Jason Verlen, SVP Product Management at CCC
Jason continued by highlighting the adoption of mobile and AI technology that he’s already seeing specifically within the insurance industry. And doesn’t see this momentum losing steam.
- Example 1: customers submitting photo documentation through their phones and a carrier’s ability to process these details with increased precision and efficiency.
- Example 2: New tools modernizing each step of the claims process.
- Digital adoption and AI have allowed insurers to speed up and improve current tasks with virtually enabled inspections, appraisals and repair estimates, plus better anticipate the outcomes of those interactions, leading to more immediate decisions and predictions.
- This technology is nimble and far from one-size-fits-all, meaning these new developments can be configured to the way a carrier wants to navigate their own processes and engage with their customers. In turn, customers feel their needs acknowledged, more connected, and in control of their experience.
Jen Hebert, VP Emerging Technology at Root Insurance
Jen, no stranger to understanding what makes (and will make) consumers tick, added that especially after living through the quickly changing times of a pandemic, needs shifted as behavior changed, making personalization matter more than ever before.
- The ability to easily access individual driving behavior data, and offer fair rates and rewards, signals to customers that they aren’t part of a generic category within some insurance database.
- Whether occasional driver or daily commuter, each have unique needs, and driving behavior, that can now be reflected in their insurance policies – fair and transparent for consumers, worthwhile and cost-effective for carriers.
- Personalization doesn’t end with the policy. Technology, informed by data, can create a simplification and productiveness for consumer/insurer interactions, adding value across the board.
In the end, the group closed the session discussing the opportunities that lie ahead and how re-imagining traditional best practices can open doors, prepare us for the future, and curate the kind of consumer relationships that benefit both the carrier and customer.
Hopefully this summary resonated with you, as the original broadcast did with ITC attendees, though should you want to experience the session in full, click here to watch the recording.