Helping people choose their own adventure
The traditional relationship between insurance businesses and people is changing. Successful companies are bringing a human focus to their digital interactions, designing a more collaborative digital experience. Look at insurance brands such as Trōv, Toggle, and Cuvva, which offer more flexible, on-demand insurance products that let customers pick and mix the cover they want, how long they want it, and when they want it.
It’s clear that people want rich, customized digital experiences. But they have grown disillusioned by the legacy methods used by most companies to deliver them. Models that served businesses well in the early days of the digital age have led them to inadvertently take more and more control away from individuals.
Existing customization methods based on robust data gathering and analytics are failing to provide the transparency, or the agency, that consumers want. And it’s not just customers. Cooperative digital experiences are also helping companies re-imagine their partnerships with employees and other stakeholder groups.
The next wave of change will be all about giving people and business the ability to make relevant choices that inform their experiences. This could transform delivery from a one-way street to dynamic and responsive collaborations. Not only could this give consumers and commercial customers more choice and flexibility in their insurance experience, it could also empower them to reduce or avoid risks, in turn driving down claims.
Although many of the technologies that will truly revolutionize experience delivery—like augmented reality (AR) and 5G—are still in early stages, there are others that can help insurance get started. For instance, many are already investing in machine learning in functions such as underwriting and claims. These systems have traditionally left little room for customer input; however, the technology can be repurposed to enable greater levels of interaction.
Consider the example of AXA XL’s Connected Cargo solution, a real-time digital cargo tracking solution designed to help customers optimize their supply chain. Connected Cargo gives clients 24/7 monitoring as well as access to AXA XL’s risk engineers’ expertise to develop loss prevention plans.
Embracing true partnership
Enterprises that are exploring cooperative experiences today are launching a new generation of customization, fit for future capabilities and expectations. Those wanting to keep up, and stay competitive and relevant, will need to start building reputations as insurance companies that amplify customers through curated experiences, rather than marginalizing them.
Choose-your-own-adventure stories, customization with live user input and tools that let people design their own experiences are all ways that insurers are embracing cooperative experiences that provide value and align to customers’ values. It’s a major shift away from how they have operated in the past, but a necessary one. Becoming a true partner to customers will be a defining aspect of leading insurers’ futures.