[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.the-future-of-commerce.com\/2017\/06\/07\/how-personal-value-decommoditizes-insurance-technology\/#BlogPosting","mainEntityOfPage":"https:\/\/www.the-future-of-commerce.com\/2017\/06\/07\/how-personal-value-decommoditizes-insurance-technology\/","headline":"Insurance technology: Human touch remains an industry requirement","name":"Insurance technology: Human touch remains an industry requirement","description":"Using data from both inside and outside of the insurer, it\u2019s now possible to understand insurance customers with a level of detail previously unimagined.","datePublished":"2017-06-07","dateModified":"2024-12-03","author":{"@type":"Person","@id":"https:\/\/www.the-future-of-commerce.com\/contributor\/james-eardley\/#Person","name":"James Eardley","url":"https:\/\/www.the-future-of-commerce.com\/contributor\/james-eardley\/","identifier":161,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/973f2a97f5915a88f34d646ae26d3b7428357df8e651eff46e7dc791d11ec0ba?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/973f2a97f5915a88f34d646ae26d3b7428357df8e651eff46e7dc791d11ec0ba?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"The Future of Commerce","logo":{"@type":"ImageObject","@id":"https:\/\/www.the-future-of-commerce.com\/wp-content\/uploads\/2023\/01\/logo-foc-schema-app-1.png","url":"https:\/\/www.the-future-of-commerce.com\/wp-content\/uploads\/2023\/01\/logo-foc-schema-app-1.png","width":172,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/www.the-future-of-commerce.com\/wp-content\/uploads\/2018\/03\/thumbnail-e6ba57bcc58717d720a82090cf76a888.jpeg","url":"https:\/\/www.the-future-of-commerce.com\/wp-content\/uploads\/2018\/03\/thumbnail-e6ba57bcc58717d720a82090cf76a888.jpeg","height":375,"width":1200},"url":"https:\/\/www.the-future-of-commerce.com\/2017\/06\/07\/how-personal-value-decommoditizes-insurance-technology\/","about":[{"@type":"Thing","@id":"https:\/\/www.the-future-of-commerce.com\/commerce\/","name":"Commerce","sameAs":["https:\/\/en.wikipedia.org\/wiki\/Commerce","http:\/\/www.wikidata.org\/entity\/Q26643"]},{"@type":"Thing","@id":"https:\/\/www.the-future-of-commerce.com\/commerce\/finance\/","name":"Finance","sameAs":["https:\/\/en.wikipedia.org\/wiki\/Finance","http:\/\/www.wikidata.org\/entity\/Q43015"]},"Industries","Insurance",{"@type":"Thing","@id":"https:\/\/www.the-future-of-commerce.com\/commerce\/intelligent-enterprise\/","name":"Intelligent Enterprise","sameAs":["https:\/\/en.wikipedia.org\/wiki\/Intelligent_enterprise","http:\/\/www.wikidata.org\/entity\/Q6044119"]}],"wordCount":684,"keywords":["Digital Commerce","Insurance Industry"],"articleBody":"I recently had the great fortune to attend Digital Insurance Agenda (DIA) in Amsterdam. There I got my fill of the latest in insurance technology innovation, which included insurance aggregators, chat bots, damage claim fingerprint technologies, and online on-boarding. While all of this was fascinating to see, I started to think about insurance technology from a consumer standpoint. Would any of them really change anything about the way I go about buying insurance?Despite the great things I saw in Amsterdam, I realized the honest answer was, \u201cProbably not.\u201d It\u2019s not that I won\u2019t ever use that technology, I will, but it\u2019s not going to change how I go about buying insurance. That\u2019s because I still use an insurance broker, as I firmly believe insurance and relationships should go hand-in-hand.Recently I was at a meeting with a consulting company, and I told someone that. He looked at me as if I were an unknown survivor of an extinct species. He had a good laugh and said, \u201cThen you are overpaying.\u201d Maybe he\u2019s right, but the personal relationship I have with my broker is worth it to me, and insurance technology could learn a thing or two from my preference.      The insurance agent experience: Better via digital transformation\u00a0                Find out how an insurtech improved the agent experience by modernizing sales compensation management and speeding commissions.      What insurance technology must learn from brokersI completely trust my broker of over 20 years. His expertise goes beyond existing policies, it\u2019s the knowledge he has about me outside of insurance that makes the difference. He knows everything about me; including my family, my interests\u2014he even knows my dog.This deep relationship allows him to present personalized ideas about the insurance I need and at what levels to protect my assets, help me achieve my goals, and reduce risk.When I need something, it\u2019s simple and fast to get it done. I don\u2019t have time to search for the best deal out there or become an insurance expert myself. Call me strange if you like, but of all the things I want to do in my free time, researching insurance is not top of the list.Incumbent insurers need to be as much focused on value as they are on insurance technology.The inventions I saw at DIA were interesting \u2013 some of them brilliant \u2013 but insurance isn\u2019t something I use day-to-day. To be honest, most of the time I never think about it. And that\u2019s the point. I have insurance so I don\u2019t have to think about the risk.Within reason, the better the advice and value I receive, the less likely I\u2019m going to be concerned about whether I could switch providers and buy insurance for some slightly lesser amount.That long-standing personalized relationship and lack of worry are worth more to me than saving a few dollars.      Data, tech, and AI: Changing the future of insurance underwriting                Data analytics and AI are reshaping insurance underwriting by streamlining processes, personalizing products, and improving CX.      How new insurance technology can fit inOf course everyone doesn\u2019t have a broker that they have known for 20 years. But that\u2019s where technology can help.Using data from both inside and outside of the insurer, it\u2019s now possible to understand customers with a level of detail previously unimagined. That customer understanding needs to be at the forefront of new technologies, otherwise they will quickly become commoditized \u2013 and likely faster than anyone thinks.The Digital Era and technology have revolutionized the business, and all things seem possible in modern insurance.But it\u2019s still about knowing your customer, simplicity, and personal value; just what my broker gives me. Let\u2019s hope that insurers keep these things in mind as guiding lights in their digital transformations. After all, insurance technology is a commodity, but advice and value are not.  Every digital moment matters.Are you making the most of them?1,000 business leaders dish on how to stand out from the crowd with a great CX. Get the details\u00a0HERE.\u00a0"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"2017","item":"https:\/\/www.the-future-of-commerce.com\/2017\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"06","item":"https:\/\/www.the-future-of-commerce.com\/2017\/\/06\/#breadcrumbitem"},{"@type":"ListItem","position":3,"name":"07","item":"https:\/\/www.the-future-of-commerce.com\/2017\/\/06\/\/07\/#breadcrumbitem"},{"@type":"ListItem","position":4,"name":"Insurance technology: Human touch remains an industry requirement","item":"https:\/\/www.the-future-of-commerce.com\/2017\/06\/07\/how-personal-value-decommoditizes-insurance-technology\/#breadcrumbitem"}]}]