What role for the insurer in the coming years? A simple risk-bearing, deprived of value in the client relationship, or will he play a more global role of life coach in the heart of a partnership network expanded? That is indeed the question posed by the development of connected objects. Indeed, this second digital revolution could transform the insurers deals, but many obstacles still to be overcome.
Whatever the field, connected objects can help change the role of the insurer to that of "life coach" able to advise those who wish their behavior. This was experienced by the South African actor Discovery with its Vitality offer: the group offers its policyholders earn points based on their physical activity, and then have access to discounts and gifts.
Auto, health, housing ... Here we find the three main pillars of insurance to individuals. And we understand how the connected objects revolutionize deals: risk reduction, creation of new services, better support for policyholders.
The first obstacle to the deployment of innovation lies in the distribution of connected products. If 61% of respondents in our latest study on mobile usage are equipped with a smartphone, and 46% of a tablet, the numbers are even lower for smart watches (2%) or glasses (1%). It should be clearly much higher rates for these objects to represent an opportunity for insurers.
Another challenge comes from the insurers themselves. Internally, the teams may lack appetite for digital or does not have the necessary profiles. Since this is a completely new way of understanding the business, there is an issue here of human capital and changes in working practices in all departments (business development, marketing, actuarial, legal ...)
Finally,partnerships are essential for successful transitions. Insurers are neither producers nor distributors of connected objects. They must consider developping partnerships with all kinds of actors - from large international group topromising startup. This means being on constant watch to detect technologies and build effective synergies.
Read more (in french): http://www.blog.deloitte.fr/technologie-et-innovation/objets-connectes