WEBVTT

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For 50 years, insurers have seen technology

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as a route to greater efficiency,

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a way to reduce costs.

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They haven't used technology

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to directly improve the customer experience.

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For the things that touch the customers directly,

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like claims and new product offers,

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insurers have relied on manual processes and people.

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The equation, though, is changing.

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Digital technology is transforming

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the way companies do business.

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But combining people and technology in the right way

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will mean that insurers tap

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the full value of digital at scale.

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Take the example of commercial property insurance.

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Landlords used to rely on manual processes.

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Now buildings are putting in sensors

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to anticipate problems before they become claims.

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There is no reason why building's external surfaces,

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including their roofs, can't be subject

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to digital scans of their own, perhaps by drones.

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The same theme of claim prevention

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is taking hold in health insurance.

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By sharing data with their health care providers,

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consumers with chronic medical conditions

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are staying healthier.

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Doctors are tracking patients' prescription drug compliance.

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Before long pharmacogenetics

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may play a role in fine-tuning patients' treatment.

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When a claim is needed,

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digital technology will make the experience

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much less onerous.

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In some parts of the world,

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a person whose car has been in an accident

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can already call his insurer

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and have the claim automatically approved

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by an artificial intelligence voice system.

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Now imagine if that insurer also arranged

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for an immediate dispatch of a tow truck

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and for a rental car to be waiting

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when the policy holder arrived at the rental location.

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That customer would be an advocate forever.

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Insurance customers don't want to have to talk

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to a service person to change their address or

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obtain a certificate.

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In many cases, they no longer have to.

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By automating processes and using technologies

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like artificial intelligence,

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insurers will be able to speed up their decision-making,

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lower their claims rate,

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and increase back-office productivity.

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That will allow them to focus their human talent

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on things that humans are uniquely good at:

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innovation and solving nonstandard customer problems.

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The question is how to be a leader in these areas.

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The shorthand way we put it is

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that insurers must become bionic:

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attracting new types of talent,

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moving to new organizational structures,

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adopting new ways of working.

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Rather than people operating processes,

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they will design processes

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and unleash their human creativity.

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We'll be sharing more on what a bionic insurer looks like-

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the benefits and the how.