Why can’t the insurance business be more like Netflix? Or Tripadvisor or Booking.com?
In my opinion, the transformation of insurance services and products by digitalisation will be nothing short of mind-blowing. Nonetheless, there is a great deal that insurers can learn from the machine learning technology behind the success of some top 21st century digital service brands.
These brands are businesses that thrive by constantly absorbing detail about their customers’ likes, dislikes, tastes and even locations and travel patterns. This informs how TripAdvisor or Netflix tailor their suggestions for places to stay or eat or content that you might like to watch. What’s more, what they learn about you allows them to refine suggestions for people who are like you.
In very simple terms, this summarises how predictive analytics works on a huge and exciting scale. To learn more about how predictive analytics could be transforming how insurers operate and interact with their own customers, please read my Finextra article.