Maintaining Your Competitive Edge

By: Kitty Ambers, CPIA, CIC, CISR, NetVU

For any business to maintain its competitive edge, its leaders have to continuously consider ways to capitalize on new ideas.  With the pace of innovation in the Digital Age, there are many new products and services based on new and emerging technologies that can assist a firm in growing and maintaining their market edge.

Following are 3 trends that if adopted, can deliver a significant edge in the insurance business.

  1. Blue in the Digital & Physical
    The “Internet of Things,” is more than just a line nowadays. It is an entirely new stratum of intelligence that basically connects everything. The real world now relies upon devices that ultimately exert a great deal of control over our day-to-day, physical lives – think of what your life would be like without your “smartphone.”  This physical and digital blur enables agents and carriers to transform customer relationships by providing contextual data that can be used to refine risk and redefine products. Several insurers have already adopted “pay-per-use” type offerings as part of the move toward mobile-based products, for example.

  2. Crowdsource from Workforce
    Cloud and other such technologies enable businesses to extend their workforce to human resources all across the planet. This is a result of employees and users being connected to the Internet from anywhere. Digital collaboration technologies now consist of connecting smart, enthusiastic people all over the world who have the motivation, interest, time and expertise to work and solve some of their most intimidating challenges in business. This can be called a “LIQUID WORKFORCE.”  Expertise that is not available in-house can be delivered out-house. Embracing the idea of the Liquid Workforce presents the opportunity for expensive problems to be solved with expedience and at a lower cost. The people on the firm’s payroll do not necessarily have to be the only workers. Thanks to digital technologies, online human resources can now be integrated.

  3. Data Supply Chain
    It is important to look at the data collected within your business much like you would a supply chain.  Take time to consider how information flows, and who needs access, so that data is where it needs to be when it is needed, securely.  Mobile access coupled with the connectedness of data components is vital to accurate risk assessment, underwriting, client service, claims settlements and more.  The use of Standards within the data management supply chain is vital to maximizing value to the insurance consumer. 
Learn more about these concepts, and more, at the 2015 NetVU Conference – March 26-28 in Indianapolis.