At the Insurer of the Future, products will be very different. But how will they be developed? Certainly not the same way as now.
This is the seventh in a series. The other parts can be found here.
At the Insurer of the Future
, products will be very different from nowadays
. But how will they be developed? Certainly not the same way as now.
To begin with, all products will be created as a series of modules. Modular design enables a myriad of new products to be developed quickly and easily. Even with just three modules — A, B and C — the Insurer of the Future
can generate seven different products (A, B, C, A+B, A+C, B+C, A+B+C), and the options grow exponentially as more modules are added.
See also: Time to Reinvent Your Products
How does the Insurer of the Future
know when a new module is required? Because its real time analytics tell it what customers want, or might want, and an artificial intelligence system can figure out whether that want can be met from the existing modules or whether another one is required. If a new module is needed, those same artificially intelligent systems can carry out the coding required to build the new module, configure the new combination and publish the new product as an option available to be bought. It will then monitor take-up of the new product and iterate it as needed until sales are optimized.
Of course, in this world, products are no longer siloed. Elements of what used to be called P&C, life, health, investment and decumulation products, together with covers yet to be dreamed up, are all now modules that can be combined to meet the precise needs of any individual, employee or business customer of the Insurer of the Future