In this brand new series from Levvel, our industry experts discuss what the future of insurance looks like, how insurers are leveraging emerging technologies, and what steps established insurers can take now to prepare for the future.
* Watch the full video series here: https://www.levvel.io/resource-library/video-series-the-future-of-insurance
* Watch 'Modernizing the Insurance Experience' here: https://www.levvel.io/resource-library/video-series-modernizing-the-insurance-experience
* Watch 'The State of the Industry' series here: https://www.levvel.io/resource-library/vlog-series-state-of-the-insurance-industry
* Download the 2020 Insurance Technology Executive Report: https://bit.ly/insurance-tech-report-2020
* Download our Insurance Modernization Webinar, Part 1: https://www.levvel.io/resource-library/insurance-modernization-part-1-the-data-and-benchmarks-webinar
* Download the full 2020 Legacy Modernization Report: https://bit.ly/legacy-mod-report-2020
So the future of insurance is probably not as different as a lot of people are either hoping for or expecting, and we don't necessarily view that as a bad thing. I think that in a lot of cases, the movement is well on its way towards what a lot of people are considering to be the future. And in a lot of ways, what you're looking at is a continued shift in the direction of higher quality, in the direction of personalization.
And so when you look at digital products that are currently offered within insurance and you look at where those are headed, we've already seen a movement in the direction of high quality. And this is something that we expect to continue. One of the easiest ways to gauge this is to compare the user experience and really the overall customer experience with some of these digital products that currently exist against other similar products from competing industries or just other industries in general.
And traditionally, from the consumer standpoint, the expectations from their insurer were not always incredibly high. In fact, it was expected that, in a lot of cases, the experience that I may have with my insurer versus maybe some other digital experiences I have, whether that's with my bank or with a retailer or et cetera, it was expected to be lower.
And now what we're seeing is that the quality of these products has raised to a point where it's now caught up to where many other industries are, and this is something that we expect to see happen. And so as you see Insurtechs enter the market that are really born out of this idea of improving customer experience, as you see data become a bigger and bigger player in the digital experience end, and what's being presented, what we should expect is that these products are going to be universally accepted as on par with many other industries.
As far as the people that are using these products and how they're impacted, really when we talk about those that are insured, you're going to see a number of changes, but the largest one by far will continue to be this movement towards personalization. So this comes in a lot of different flavors, but what we've already seen is that insurers are moving towards products and experiences that allow the insured to really feel like the experience that they're having with digital products, whether that's mobile, whether that's on the web, and with customer service scenarios are really supporting the idea that they are unique, that they are working with a vendor that really understands them, and that they're being provided with services that are commensurate with the amount of money that they're paying and the way that that money is changing hands.
And as this continues to improve, what you're really going to find is that people are going to increase this bond that they have with their insurers. And we expect this to be true whether folks start to use multiple companies for different parts of their insurance needs or whether they actually go down the consolidation path and continue to use a single provider across a number of different entities.
On the topic of risk and how that fits in with some of the advancements in technology, within insurance, you're really looking at two categories that, A, always meant a lot to this market and B, have taken just giant steps in the last couple of years, and by no means are done growing in terms of capability. So the first is the ability to be accurate in assessing risk and then in translating that risk to the insurance products that you offer...
Read the full transcription at: https://www.levvel.io/resource-library/video-series-the-future-of-insurance
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