Insurance Companies and Digital Media Business - Uncover

Insurance being the modern game invites its customers to invest in it expecting high favors in return. How interesting it is to know that tech companies are indulging themselves in insurance are willing to team up with them.

Thomas Buberl, CEO of AXA France, the French multinational insurance states that future competitors for them will be Facebook, Google or Apple and it will definitely not be other scale businesses or Lemonade. A few techy companies have already paved its way into the insurance field.

Google has already invested in Applied Systems, which is basically a cloud-based insurance agency technology company. Apple has laid its partnership with Cisco, Aon and Allianz to expand the cyber risk management solution. Amazon has already launched Amazon Protect in UK and Acko in India.

The fear is we for sure know that interruption of massive tech companies will lead in the downfall of the insurance companies. People’s choices keep changing according to the premiums and profits they receive from this sector. People these days are clever enough to know that better charted data can help in reducing potential risk. In such a situation, these techy companies over the individualized risk pricing.

Creating a personalized pricing capability is an urgency creator for insurance companies. We as investors will expect our insurers to provide a proper data instead of risking their investment. Below mentioned are a few strategies to run this.

Firstly, insurers should showcase a digital transformation. The digital initiatives that are taken should be in a way that it benefits its customers.

Redefining the data strategy should be on a higher scale and the data should not be restricted. It should be available to the public in such way it can be marketed.

To get a better view of the data, insurers can pair up with social media and other firms.

Lastly, customers should feel convenient with the data provided by the insurers.