Last week the team at Wzard Innovation attended the KPMG Insurance Innovation Challenge; an event bringing together participants with diverse disciplines and experience to share insights and provoke discussions on the future of insurance 2030.
What does 2030 look like?
See also Insurance 2030: Utpoia or Dystopia
The opening discussions were designed to consider what 2030 might look like, and by extrapolation what this might mean for insurance and insurtech. Casting our minds back to 2008, 12 years ago as opposed to 12 years forward, we all agreed that we have seen significant social and cultural changes that have been predominantly driven by technological advances, a good reminder that more can change than you may first imagine.
While insurance products on the whole have remained fairly static in this timeframe, consumer behaviours are changing significantly. The comment "I sold my soul (data) for convenience" struck a chord with almost everyone. While recent scandal's, facebook's data privacy problems looming large during this event, there was still a general feeling that most consumers still prefer simplicity and convenience regardless of the data privacy challenges.
All agreed that increases in data availability will provide the opportunity for a more tailored and individual insurance solution where health and lifestyle will be a much greater need than today's focus on insurance grudge purchases such as motor.
What does this mean for the future of insurance?
It was good to see that topics such as mental health, population and changes in society were a focus of discussion and identification of lifestyle services that aid wellbeing rather than a focus on commodity cost-based insurance which seemingly add little value to customers day to day.
Integration of services, amusingly demonstrated through a variety of ALEXA 4.0 presentations, seemed to be the key to simplicity and ease of use for consumers, providing real time services and simplicity in a "protect my life, but only charge for what I need when I need it" type service.
Overall it was an engaging day of debate, challenge and discussion, and a thank-you to Salim and the team at KPMG who provided their insights and facilitation for the day.
I now realise that I have already sold my soul for convenience! Are you the same?
GDPR may go some way to protect consumers but there is no going back now for the generation addicted to the simplicity and convenience of of on-the-go mobile apps. There are already several organisations who have innovate ways to protect your personal data while linking you up to services that meet your specific needs, but their voices are fairly niche at the moment. However, they do provide an alternative way to protect our customers from attacks against their personal data. Customers have already decided how they want to interact; protecting and augmenting their digital life is the untapped opportunity.
Wzard Innovation can help you with Insight and Horizon Scanning; designing and facilitating workshops to develop innovative opportunities within your own industry.