Use the past to build up momentum for the future

Use the past to build up momentum for the future

03 January 2018
Everything will be different? Arjen de Boer doesn’t think so. He believes that we should look at the value that we already provide – and build intelligently on that. But do it quickly, he concedes, and no excuses!

In every issue of SoMe, Arjen de Boer shares his expert vision in a few areas that are currently topical, and we’ll be sharing that vision in this blog. What’s that, how can you order the latest issue of SoMe? Just click here. To read Arjen’s first blog click here and for the second one click here.

ON-DEMAND OR INSTANT INSURANCE

“Will the insurance world need to be turned completely upside-down? Well, let’s start by examining how insurance is offered. In addition to existing products and forms, I reckon insurance will increasingly be offered on-the-fly, or in line with the ways that consumers use it. On-demand or instant insurance, I suppose you could call it. We’re already familiar with the Trōv example, but here in the Netherlands Nationale Nederlanden has launched an appealing initiative in the market with Labelz. And many more will follow. I’m a firm believer that there will even be an option to insure your life for just a day. But an absolute prerequisite is the availability of a very simple process to close an insurance product. Without one, it simply won’t be used. Phenomena like Spotify, Netflix, Apple’s Siri, followed later by Google’s Home and Amazon’s Echo, are already forging a new trail that insurers can follow.”

LEGACY IS AN OUT-DATED EXCUSE

“A widely heard lament from traditional parties is that the so-called legacy problem prevents them from innovating quickly enough. As far as I’m concerned this is nonsense; there are plenty of insurers who have already cleared up or outsourced their legacy. At the very least this can underscore operational excellence and result in substantial cost reductions. Start-ups are the living proof that good administration is not a core business and something that’s best left to external parties. Far too often, legacy is used by traditional parties as an excuse for not having to renew. So let’s agree not to fall back on this excuse any longer. Let’s shake off the shackles of the past that are holding us back and instead rely on what’s currently of value as a basis for the future.”

THE RESURGENCE OF LIFE INSURANCE

“In recent years there has been a worldwide decline in the sale of life insurance products. However, there is now a sudden resurgence of interest in them, particularly in the US. HavenLife and ValoraLife, both owned by 165-year-old insurer, MassMutual, are excellent examples of this resurgence. Another good example is the wellness programme of Vitality, which has long managed to stimulate its customers and forge a bond with them. But this not only calls for the more straightforward closure of a life-insurance policy (in other words underwriting based on data not on blood), it also requires the possibility of making instant changes to life policies. On the fly, on the spot. Once achieved, this will give a huge impetus to the provision of life insurance.”


RELATED posts

 Show all posts

RELATED SERVICES

 Show all services

Consultancy

Future-proof strategies that proved them-selfs in the real world

One thing is certain: the industry has been turned upside down. Technological innovation is moving incredibly fast. Everyone is concerned with data-science and robotification. Digital channels require a new connection with your client. And talking of clients: they require more transparency. On top of this, everything needs to be done Agile. How do you translate these changes into workable solutions? Trust in the knowledge and strength of our experts. We keep up to date with these changes and transform them into concrete strategies so that you know exactly where to go.

read more

Digital Business

From digital transformation to digital reality

The world in which we live has been digital for a while. We think being able to order and organise everything online the most normal thing in the world. That it's normal to know who is doing what, where and with whom. That we can always check on the progress of what we have ordered or make a payment. But it is still a challenge for many banks, insurers and pension funds to connect with this new world, let alone to make progress in it. Our specialists know exactly what is at stake, both in the Netherlands and the world and they will gladly help you to improve your chances of connecting in this digital world.

read more