In today’s hyper-connected world, the major difficulty is to predict changes in the behavior of the target. In recent years the biggest impact has been caused by mobile technologies that have radically changed consumer attitudes, fragmenting the costumer journey into micro-moments.
This theory of micro-moments represents a great opportunity for Insurers because it multiplies the touchpoints with which they interact with customers, even in phases prior to price evaluation. Thanks to the theory of micro-moments today we can understand the user’s customer journey, the progressive maturation of a choice that starts upstream the decision-making process and gradually refines its evaluations up to those moments that prelude a purchase both online and offline or through an omnichannel journey.
Among the trends that have shaped the digital customer journey of an insurance customer so far, are: the mobile customer experience, the do-it-yourself, the omnichannel services, the customer-centric innovation, the paperless. But, if we further analyze the technological and social trends in progress, we can imagine that the future customer journey will be guided by developments that will affect the key aspects of the interaction between the Insurers and the clients. There will be many moments that the Insurers can take advantage of to get in touch with the customer, each touchpoint will become an opportunity to influence the decisions of consumers through new models, such as Smart Technologies. From a research made for RGI by Celent, Oliver Wyman Group, over a third of insurance consumers would prefer to use virtual assistants to interact with their company instead of talking to a human operator. In addition, by making better use of the data available to the Insurer, it will be possible to better understand consumers and create customized products or services to meet their needs.
Given these changes, the most important asset that can be used to respond to evolutions in the future customer journey will be the data, which today are generated exponentially and are destined to grow with the use of the web and mobile devices.
Every day more than 2.5 quintillion bytes of data are generated through the so-called IoT world, i.e mobile, Smart TV, connected cars, airplanes, etc. A mass of data that is potentially very valuable for the information, yet its use is largely still not explored due to the costs of management and treatment, reliability and uncertainty of use because of the privacy protection and sensitive data.
Insurers, in their traditional activities, already collect a large amount of data (demographic, medical, credit, etc.) that have the advantage of being validated and low cost but still remain underutilized: even today 50% of the companies use little or no data for analysis and / or underwriting.
A greater use of the data would have considerable benefits on the insurance business because the information derived from it could be used to: have more insights on its customers (the Insurers could save up to 43% of the time spent by users who perform data processing for the activities of reporting and monitoring), to create predictive models to be used in underwriting (recommendation tools that, based on the history of user interactions with the Insurer, provide for the future purchases or interests of the client, and offer products / services with a up and cross selling approach), save time and costs (according to Gartner, in 2020 chatbots and conversational interfaces will represent 85% of customer service interactions).
RGI will deal with these and other topics of innovation during the event scheduled for the 20th Annual Assicurazioni (12-13 November 2018) organized by Il Sole 24 Ore.