In my last blog, I touched on 2017 drawing to an end, with the anticipation of another exciting year of innovation and transformation ahead for financial institutions. Continuing that theme, here are my thoughts on the must-do bucket list for insurance providers in 2018.
Health insurance: Utilize consumers’ smart devices to deliver relevant services
Thanks to wearables and other Internet of Things devices, it’s easy to prevent illness by monitoring health data in real time. By investing in such technologies, healthcare providers are building loyalty by providing services driven by new technology. One health insurance provider leading the way is Medibank. Medibank customers can link the data from their wearables to the Medibank app and receive points that can be redeemed for goods and services for taking 10,000 steps a day. This tangible incentive creates customer loyalty while giving Medibank valuable data to tailor its premiums.
Health insurance: Create data ecosystems
With health insurance providers like Medibank delivering such innovation, the model of success in health insurance is changing. To stay competitive, organizations in this sector must focus on beating traditional expectations by providing better experiences through innovation.
One way to stay competitive is to stay connected. By using new technologies to connect data between themselves and customers, health insurance providers can create effective ecosystems of real-time feedback that benefit both parties.
With technology changing the health insurance model so dramatically, you need to figure out a way to keep your company up to date. You need a digital platform that can expand with your ideas, business, and customer needs. One that gives you the ability to collaborate with your customers and minimize their health risk.
General insurance: Focus on preventative measures
Thanks to connected devices enabling access to real-time customer data, insurance companies need to switch focus from reactive to preventative measures. As the Internet of Things connects insurers with customers more than ever before, insurers can offer such services as alerting customers to unlocked doors or faulty electronics. By engaging with customers to prevent the stress of accidents and theft, insurance companies who invest in these new technologies can offer a unique benefit to their customers.
General insurance: Streamline administration
Of course, smart devices aren’t the only technology giving insurance providers a competitive edge. By investing in systems that collate mountains of data on secure cloud platforms, insurance providers can cut general-ledger and financial-closing costs by up to 40%.
Change is imminent, and organizations such as SAP can help guide organizations and enable them to adapt to today’s transforming society.
Learn more about SAP’s solutions for the insurance industry.