Transformation: Be an Everyday Insurer!

According to Daniele Presutti—To win in this changing market, insurers must emulate their digital competitors and leverage the Internet of Things, real-time analytics, artificial intelligence and other maturing technologies to build more delightful customer experiences. These technologies offer opportunities to provide customers with personalized, on-demand services woven into their everyday lives—experiences more like Uber or Amazon than like traditional insurance.

By transforming itself into an Everyday Insurer, a carrier could generate more than enough new revenue to compensate for revenues lost because of new competition and disruptive technology. In addition to revenue growth, insurers that embark on this journey will be better able to strengthen customer loyalty, reduce customer acquisition costs, and increase
There are there three complementary Everyday Insurance business models carriers can adopt to increase their relevance to the customer.
1. The On-the-Go Insurer: The carrier provides convenient insurance products or services—often usage-based or pay-per-use—embedded in other products and services consumers use every day. Computer-generated advice will play an increasing role in the sale of such offerings.
These products and services will typically be sold through digital platforms such as Google, Apple, Uber and Facebook or aggregators or plugged into other offerings like Internet of Things devices. Insurers that succeed with on-the-go products will sell not a simple insurance product or service but a living service that develops the customer relationship and customer value over time.

2. Beyond Insurance: Rather than operating through someone else’s ecosystem, the insurer will orchestrate its own ecosystem that provides customers with an end-to-end solution that spans complementary services from multiple partners. The carrier will attract customers at important moments in their lives by offering them services beyond insurance and then selling them relevant cover—for example, home search and mortgage origination, coupled with homeowners’ insurance, concierge services, and so forth.

3. The All-in-One Insurer: The insurer offers a complete portfolio of risk mitigation and protection services spanning all the customer’s protection needs, giving him peace of mind. It anticipates the customer’s changing needs as he moves through his lifecycle with the constant support of the carrier, which offers not only insurance cover but also proactive risk prevention and advice.
Those that get this approach right have an opportunity to not only defend their legacy revenues, but also to create new revenue streams from data monetization and other services beyond insurance.

IIZ ANNUAL FUNDRAISING GOLF TOURNAMENT – FRIDAY 15 JUNE 2018

“If you think its hard to meet new people, try picking up the wrong golf ball.” IIZ brings you yet another exciting fundraising golf tournament at the Chapman Golf Club on the 15th of June 2018. It’s another Par-Tee-Time for a round of Golf. Lot’s of exciting prizes to be won. Register today for Exhibition, Sponsorship and Participation. Call us today for more information!!!

WINTER SCHOOL | 19 – 22 AUGUST | TROUTBECK NYANGA

Join us at this year’s Winter School as IIZ partners with the Insurance Industry aiming to avail a platform for training and development of future leaders in the insurance industry. Leaders who will make things happen; who will maintain the image of the Insurance Industry and build it to lofty heights from the foundations the current leaders are laying. The theme of the 2018 Winter School is “Driving Growth—Disrupting the Mind-set Completely.” Call us today for more information!!!

IIZ ANNUAL DINNER | FRIDAY 7 DECEMBER 2018 | MEIKLES HOTEL

We close down the year with this august event where people from all sectors of the industry gather to celebrate the milestones achieved in the year. Come and dine with us as we celebrate a successful and fruitful year. This year we are having an exciting theme…watch the space!!!