MY MARKETS: MEETING NEEDS AT THE SPEED OF NOW!

By:- RICHARD MILLER—Managing Director, Accenture Insurance

The last and final trend identified in our Technology Vision for Insurance 2019 report is meeting consumer and organizational needs in real-time. Being in a post-digital era means that simply being digital is no longer enough. Organizations need to offer innovative solutions and use technology to create a world of intensely customized, on-demand offerings.

Increasingly detailed data and access to powerful analytics are helping insurance companies better understand their markets faster than ever. Each new technology is an opportunity for organizations to re-invent their services––and each opportunity should be viewed as an individual market, if only a momentary market.

To certain extent insurance is an impulse purchase, often prompted by life changes, such as the purchase of a new house or vehicle. The key is to be present at the place and time that the opportunity arises. 76 percent of customers believe it is easier than ever to simply take their business elsewhere, according to Accenture’s Living Business research, so it is more important than ever to capture the moment and deliver a strong product, quickly and effectively.

Interestingly, Google, Apple and Facebook are often present at those impulse moments and have access to behavioral data and are moving toward the insurance space. With that in mind, it’s important to honestly ask if you are positioned in the same way––and if not, how can you move toward it?

One of the most important steps to remaining relevant is to embrace AI, as I outlined in the second post in this series in which I discussed DARQ. AI has the ability to take vast data sets and create predictive models that can help insurers anticipate the future. But seeing into the future is only one part of the equation. Insurers must be ready for when those moments come.

The momentary world will be built on the Internet of Things. By 2020, there will be 31 billion connected devices in the world, and that number will more than double to 75 billion by 2025. Every device is a new channel, a new source of data, and a new way to identify and reach a momentary market. With nearly every business embracing the importance of digital transformation, insurance companies need to look toward their next opportunity for differentiation—momentary markets.

Just as people no longer say they live in the ‘age of electricity,’ we are no longer in the digital era. Even if the pace of digital transformation has not been as rapid in insurance as it has in media, retail, or banking, the time for pilots and experimentation is long past––and insurance leaders must begin to strategize for what’s next. With the right level of understanding, insurers will be able to meet people in their moment of need in a post-digital world—becoming a different business to every single customer.

STAY MOTIVATED NOMATTER THE SITUATION!!!

No matter who you are, where you came from, or how much wealth you have in your bank account, pain is a part of life that you will encounter at some point or another. We all struggle through hard times at different moments in our lives. Dealing with misfortune is inevitable. One of the most important keys to living a great life is to always be able to stay positive no matter what happens in life. This is especially true if you are seeking higher success. You cannot move forward and go on to achieve your goals if you stay in a negative state.
The same applies in a workplace, workers are at their most productive in a positive environment and every organiza-tion would like its employees to stay motivated so that they perform their duties enthusiastically. This is especially true when economic or market conditions are difficult. So how do you achieve motivation in both situations?

1. Stay Positive—Your mental response to the tough situations that you find yourself in is huge. Whether you choose a negative mentality or a positive mindset to interpret your pain determines how well you fare in life. The only difference between those who crumble into sadness, helplessness, depression, hopelessness, and defeat in tough times and those who rise above their pain is positive mindset.
2. Surround Yourself With Positivity—It’s never easy to stay optimistic when you look out at your envi-ronment and everything you see is pessimistic or negative. No matter how much negativity is around you, you always have the option of choosing to fill your mind with positivity by listening to motivational audio tracks and watching inspirational content.
3. Change your focus—We all know that our emotions are directed by our thoughts. In other words, you can change your emotions by simply changing what you focus on. And one very effective way to get out of nega-tive emotions is by focusing on something positive. You have to consciously or force yourself to think posi-tive. When things happen, there are always two ways to react to it – you either think positive about the situa-tion or you imagine all the worst that could happen.
4. Change your environment—You know the answer. Your environment can shape you. And do not let this happen, instead, be the person who shapes the environment. If you want to be positive no matter what, create a supporting environment that allows you to be in it all the time.

Successful people are able to stay positive no matter what because they have a dream and they know what they want to achieve in their lives.

IIZ FUNDRAISING GOLF TOURNAMENT RECAP
At least 120 golf players were part of the field at the recently held IIZ Golf tournament 2019. The main aim of the tournament is to raise funds for the Institute and at the same time socializing as an Industry. IIZ wishes to thank all who participated in the golf tournament. This shows the love the industry has for its Institute despite the difficult economic challenges being faced. This gesture by the insurance industry and its stakeholders goes a long way for the Institute.
This event was also made a success by other companies who bank rolled the tournament. Let’s pat our selves on the back:-
Grand Reinsurance First Mutual Life | FBC Insurance Marsh Insurance Brokers | FBC Reinsurance Emeritus Reinsurance
Fidelity Life Assurance Nyaradzo Life Assurance Company | African Actuarial Consultancy
The 2019 IIZ Fundraising Golf Tournament champion is Mr. Vusimuzi Sibanda of CBZ Holdings who promises to defend his title in 2020.

IIZ GRADUATION CEREMONY—FRIDAY 19 JULY 2017—MEIKLES HOTEL

This is that time of the year where we celebrate and congratulate the class of the previous year for a job well done. They fought their battles and overcame obstacles. They had a goal, gave it their soul. They worked hard, went the extra yard. They gave it their all, and stood tall. Congratulations class of 2018!! Graduation will be held for all levels of qualification, from COP, Diploma and Associateship. See you there!!!