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.
- 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.
- 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.
- 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.