MEETING CUSTOMER EXPECTATIONS
TECHNOLOGY
52
MEETING CUSTOMER EXPECTATIONS
“ Rising customer expectations in an increasingly digital world are challenging the insurance industry to up its game ,” Ringsted says . “ As Chubb develops these solutions for our customers , we will also need to be mindful of the operational factors that are required to be successful , such as IT security , data privacy , easy installation and no false alarms .” On this latter point , Deloitte adds that “ while most stakeholders might see attractive possibilities in the opportunity for behaviour monitoring across the insurance ecosystem , inevitable hurdles stand in the way of wholesale adoption .”
In other words : how enthusiastically customers react to the new products , services and capabilities offered by IoT-augmented insurance will be determined by how the traditionally conservative industry chooses to implement changes . Whilst the benefits of wearables or environmentally-integrated sensors are obvious , their general acceptance is far from a foregone conclusion . As such , Ringsted highlights that
demonstrating the utility of IoT with timely examples will be important for conversion . “ On a college campus , our sensors detected a water leak in a third-floor laundry room in an oncampus apartment . Campus staff and Chubb risk engineers were alerted to problems before they occurred . These are especially important now while the campus remains unoccupied [ because of COVID-19 ].”
SEPTEMBER 2020