Making Insurance Convenient: A Goal for 2020
I am a Netflix junkie. I admit it. After a long day at work, I can turn on my Roku TV and stream Ozark. Or, while flying to meet with a customer, I can use my iPad to watch downloaded episodes of Longmire. And, when I squeeze in some gym time, I can click a Netflix alert recommending a show personalized to my viewing behavior. Why am I such a Netflix junkie? Because it’s convenient. It’s available and easily accessible when I, the consumer, want it. What if in 2020 our goal as an industry was to make insurance as convenient as Netflix for the consumer? Leveraging a platform like Guidewire in combination with an insurtech marketplace enables us to do just that.
Photo-Based Estimating Takes Off
Image-based estimating—supported by Guidewire partners like Livegenic, MirrorMe, and Truepic—empower the insured to expedite the claims process by gathering video and photos of damaged property. When connected to Guidewire ClaimCenter, this information can then kickstart automated claims processing and playouts, reducing open claim times and expediting funds into the hands of policyholders. This kind of simple, end-to-end processing must be a standard feature for most insurers by the end of 2020, if not earlier.
More, Smarter Prefilling of Customer Data for Better Quotation Processing
Look to more insurers leveraging the kind of value propositions of insurtechs like Guidewire PartnerConnect Solution partner Fenris Digital—which, when leveraged with Guidewire PolicyCenter, prefills valuable customer and risk data to improve the speed and accuracy of the quote. Combine that with geospatial analytics (which measures individual commercial and personal property risks) and customers get not only convenience but also an accurate premium. Again, the value of this is in how all customer and rating details are leveraged in a solution like PolicyCenter.
Let’s Love the Coming Mega-Swarm of IoT Devices
The year 2020 will be a landmark year for IoT devices—including both the ones we wear on our bodies and the ones to which we speak—driving behavioral changes in our homes, cars, businesses, and myriad other ways pertaining to how our society and economy runs. One estimate is that there will be 30 billion IoT devices by December 31, 2020. Although the momentum has been there for some time, 5G services will be able to make more reliable, faster, higher bandwidths an important propellant. Given all of this, insurers have only scratched the surface on mainstream IoT-powered products. Imagine how IoT devices could help make insurance convenient by providing real-time data input on a home, vehicle, or insured “state” to PolicyCenter or ClaimCenter to kickstart an automated process. Additionally, IoT data streams will be invaluable as they feed into more accurate pricing and better mitigation of losses.
For more information on these and other insurtech solutions available today for integration with Guidewire, visit the Guidewire Marketplace at https://marketplace.guidewire.com/.