Product and Service Innovation: A Recipe for Success
In the modern age, products ordered via online retailers can be delivered in the matter of hours. There’s been a major shift in consumer expectation with the acceleration of technology and with that, the insurance industry ultimately needs to follow suit and deliver claims instantly.
In a recent panel discussion at the Insurance Innovators USA, our Chief Operating Officer for the Americas, Darcy Shapiro shares insight on product and service innovation and how critical speed-to-market is to stay ahead of the competition. Value lies within data analytics and alternative data research and sources to help inform companies of their actual customer journeys to help develop and deliver meaningful and personalized value-added products and services for consumers.
Key Video Highlights:
0:00 Intro and Recap of Day 1
6:40 Insurtech is taking over the insurance sector
8:35 Introduction to the panelists
23:17 Have you seen a change in demand for certain products and services following on from Covid-19?
27:03 Speed to market is critical to stay ahead of the competition. How has Cover Genius done this successfully?
34:09 To what extent do you think real time risk profiling will actually take off and what kind of timeline are we looking at?
34:55 How will real time risk profiling actually change the products and the services on offer?
36:53 Where does the value of usage space insurance lie not just for the carrier but the customer as well?
39:12 What value is there in using alternative data sources in product development and in underwriting? Do you see value in it?
42:40 Will the future of insurance hinge on the ability to deliver meaningful and personalized value added service?
44:45 Where do you think the biggest growth market in the product and service sector will be in the next decade?
48:05 How do you see the adoption of drone technology being used to support underwriting and claims inspection?
50:30 Data and trends are great. How are the teams integrating consumer research into their work to gain deeper insight in the how and why behind the trends?
52:40 Will big data analytics and opportunities with personalization meet off the shelf products?
54:05 What are the panelists’ thoughts on code / no code developments? How can they significantly improve speed to market developments?
55:40 What technologies can help create and deliver personalization while at scale?