Co-Opposition (cooperating with the opposition) - whilst this is true with regards to a more connected insurance market it is also relevant to connecting the customer up to the risk at hand, interaction with their own policy to ensure maximum risk management.
Technologies such as the cloud, AI, autonomous agents, drones, virtual reality and self driving cars should be embraced in order to ensure the insurance value chain is being fully taken advantage of.
Connected insurance represents a new paradigm for the insurance business, an approach that fits with the mainstream Gen C, where ‘C’ means connectivity. ...We can identify three main benefits connected insurance provides to the insurance sector: 1. Frequency of interaction – enhancing proximity and interaction frequency with the customer while creating new customer experiences and offering additional services. 2. Bolstering the bottom line – improving insurance profit and loss through specialisation. 3. Knowledge creation and consolidating knowledge about the risks and the customer base.