11 Emerging Technology Trends for 2013

Asked what technology insurers will be talking about by the end of next year, analysts and consultants responded with an array of technology solutions—from customer experience management and analytics process maturity, to security and digital mailbox services—that are currently flying under the radar.

Terry Golesworthy, president, The Customer Respect Group

Not all consumers are now prepared to buy insurance in the way most insurers sell; therefore, demand for multi-channel strategies will explode as focus shifts from selling to buying preferences. While some consumers will continue to be comfortable with local agent models, others will choose to buy through retail, banking or online channels.

MetLife is experimenting with distribution through Wal-Mart and Allstate with Overstock.com, so we must expect interest from Target, Amazon, Google or even Facebook. Some consumers will find it more convenient to have insurance included as part of a total package as with ZipCars.

In some countries, mortgage lenders include life insurance and travel insurance as part of a ticket cost. Insurers need to embrace commoditization, at least partially, and develop “boxed” products demanding better predictive analytics, automated underwriting, analysis of abundant social data and distributor-friendly sales support systems. Distribution channels—plural—will be the buzz in 2013.


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