By: Rick Morgan
Trends like The Internet of Everything (IoE), big data, cloud computing, wearable technology, mobile and mobility, 3D printing, etc. are disrupting our world and rapidly changing the way we do business. In fact, the very nature of risk is evolving. For example, personal auto policies as we know them may become obsolete as self-driving cars become a reality. With that, understanding personal auto exposures will become increasingly challenging. If there is an accident, who will be held liable? Clearly, the potential for cyber crime (loading a car with plastic explosives, hacking into its operating system and…well you get the picture) will usher in many new insurable risks.
We are all being confronted and challenged to keep up and adapt. Brian Solis, principal analyst at Altimeter Group and author of What’s the Future of Business, talks about digital Darwinism, which he defines as “an era where technology and society are evolving faster than businesses can naturally adapt.” According to Brian, this sets the stage for a new era of leadership and a new generation of business models, charging behind a mantra of “adapt or die.”
ACT’s Strategic Future Issues workgroup is charged with the responsibility of helping our industry identify future trends, evaluate their relevance and impact on our industry, and craft actionable strategies we must implement in order to adapt and meet the challenges of accelerating technological change.
The 2013 Key Trends Report is currently being revised and updated. One of most significant results of the 2013 report was the work done by the Customer Experience workgroup. Instead of just identifying key trends, we now evaluate their impact from the perspective of the insurance customer’s journey – Discover, Evaluate, Purchase, Experience, Renew/Leave, and Advocacy Choice.
That is, we will now consider how new technologies change the customer’s interaction with an agency or broker at the various touchpoints within each phase of the journey. Also, we will focus on better understanding how our industry can use new technologies to improve the overall customer experience.
I co-chair the Strategic Future Issues workgroup with Judy DeLaRosa. If the work we are doing sounds like fun, we would welcome you to our workgroup. Click here to find out how to get involved.
Also, click here to view a video with more information on the Strategic Future Issues, captured at the February ACT Meeting.
Rick Morgan is co-chair of the Strategic Future Issues workgroup.