The Hyper Personalization of Insurance
Long term insurance at the end of the day is about meeting clients as individuals and recognising the unique lives they live, because this is what we cover on their behalf should abrupt changes occur in their world.
The broader the cover we are able to offer, the better for both the adviser and the client.
In doing this well we are getting to the very essence of the advice process which is creating protection to conform smoothly with each and every client’s lifestyle and future aspirations.
To do this effectively, insurers themselves need to know as much about the client as possible, and in this age of interconnectedness via social media and the internet, we too are able to learn about client’s lives in ways that are intensely personal from an insurance perspective.
And in doing this we are able to offer more effective cover that suits their lives to the fullest.
Getting closer to a client’s health
To get more personal, we are already able to track a client’s present health in real time, with their express permission of course, through the use of social media apps like Strava or Garmin Connect.
Through these we can see data like blood pressure, heart rates and heart rate variability. We can also determine their levels of activity as insights into their health levels.
This information can then be compiled through health trackers to build a reliable, ongoing picture of a client’s wellbeing.
This could then materially have a positive outcome on their premiums should they keep healthy.
This could be in the form of a wellness bonus offering for example, where clients can then receive cash back on their life cover and other qualifying cover premiums as a reward.
With this technology in play, it can assist in keeping clients’ healthy and fit, which is a natural prerogative for any adviser, as this also makes it possible for advisers to be able to offer more attractive premiums when they and the insurer know a client is in good health.
Emerging technology can also do things like detect if a client is smoking through facial or voice recognition software, which could then signal an increase in their risk profile.
The use of Artificial Intelligence
In the journey towards getting closer to clients’ lives, evolving trends in information technology are making a big difference.
Insurers maintain a vast amount of data on their clients. Moving this data to the cloud makes it easier to access in an intelligent way that may assist advisers with their client relationships.
To make this happen, artificial intelligence is used to break this vast amount of data down into insights that can be useful.
So when an adviser enters client data into the system, this data can then be matched to a vast pool of information on the cloud, and using AI, it can then offer a variety of insights that the adviser can then use to further engage with the client.
This data could signal that the client may have a greater risk of heart disease for example, by comparing individual data to an accumulated library of data on a large swathe of clients.
At this point the adviser might be able suggest more targeted against heart disease, and maybe offer the client a wellness program to improve their overall health.
Getting more personal
With all this data out there, and the ability to use it to better understand clients’ lives, an adviser would then be able to offer more choice in terms of cover and long term financial offerings.
Any adviser who is aware of these advantages would no doubt want to become more active in offering products that use this data.
And certainly, this kind of hyper personalization is not just here to stay, it is likely to become a normal part of the insurance landscape.
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