Welcome to our twelfth edition of Four For the Week (44TW)! Happy July 4th Holiday to everyone and also taking time to appreciate all who serve our country.To look through past editions, feel free to view our blog. This week we begin with a great article by McKinsey on the evolution of consumer sentiment, we also reveal some interesting facts on the do’s and dont’s of virtual conferences, next we ask is 2020 the tipping point for insurance claims? We close it out this week with the announcement of the discontinued segway. Enjoy!
1) Consumer Sentiment Is Evolving- McKinsey
Strategy & Innovation
Claimatic Team
Consumer taste has been evolving…The pandemic just accelerated it!
Over the years, consumer sentiment has been changing. But that change, as quick as it may have seemed, has been gradual. With the advent of digital technologies, smartphones and social media, the way consumers shop for products and services has evolved. The same can be said for insurance. Consumers desire more control, more variety and greater instant gratification. This has led to fewer conversations and more clicks on a screen. The move to digital and virtual has always been happening, but the Covid-19 pandemic has accelerated the need for this change quickly and dramatically. With consumers forced to be at home, the need to make products and services accessible to them remotely is even more critical to stay relevant. In auto insurance, the dramatically reduced usage of cars has made it important to reach customers with innovate insurance packages that meets that reduced need. Expect to see the pace of innovation and technology adoption to ramp up even further in insurance.
2) Virtual Conferences Mean All-Access – Except When They Don’t
Technology & Preparedness
Claimatic Team
T
he conclusion of Apple’s big software shindig this week wraps up a months-long experiment in virtual tech conferences. The experiment isn’t over—far from it, as the coronavirus pandemic shows no real signs of easing up in the US, and most of the tech events from now through the end of 2020 are being marketed as “virtual” events.
3) 2020 – The Tipping Point for Virtual Claims
Strategy & Innovation
Claimatic Team
Use of AI-supported claims has accelerated from steady adoption by industry leaders to a massive increase in use and adoption by the industry at large,” CCC product management Senior Vice President Jason Verlen said in a statement. “Our data, and the conversations we are having with customers, strongly suggests that this point in time will mark a digital revolution in claims. We’re seeing every industry embracing new technologies, rethinking how they work, and focusing on personalizing experiences for their customers. The insurance industry is no different.
4. Farewell to the Segway
Technology & Preparedness
Claimatic Team
Last week, we heard the announcement of the Segway being discontinued. For many of us, this may bring back memories of when this inventive solution first hit the roads. It was meant to be a disruptive, innovative and fun mobile transporter for the trendy. And yet, over the years, it gained little mass adoption and instead gained traction amongst law enforcement (which includes our favorite mall cop, Paul Blart). There may be many reasons for its failure, including it being expensive to purchase and difficult to maintain for individual owners. However, was it also a case of the Segway being ahead of its time? These days, we see networks of electric scooters and bikes gaining popularity in larger cities. The Segway may have paved the way for these other players over the years. Particularly providing insurers with runway to plan and develop new offerings for such services. So, as we bid farewell to the Segway, let’s also appreciate the legacy it leaves behind.
