Picture this….a customer opens an insurance app, completes a comprehensive profile and within minutes, receives a personalized insurance plan.

Let’s say this customer is a 38-year-old woman who lives in Washington DC, rents an apartment, has a car that is used infrequently, travels internationally several times a year and is a yoga teacher. The app produces recommendations for an insurance plan that includes renters insurance, usage-based car insurance, yoga teacher liability insurance, and usage-based travel insurance.

The following year, she revisits the profile in the app and enters any applicable updates. The app automatically accounts for claims made that year, and again, recommendations are made based upon specific needs and lifestyle factors.

Is this merely wishful thinking or is it the trajectory of consumer behavior, that all industries—including insurance—will have to find a solution for…and sooner rather than later?

Of course, this is much easier to envision for individual insurance versus the intricacies of highly complex and sophisticated commercial accounts. However, if we can identify the gaps and opportunities that exist on a smaller scale, it will be easier to prepare and create innovative solutions when those customer needs/expectations/preferences present themselves on a larger scale in the commercial marketplace.

Artificial intelligence and machine learning will be key to bring a scenario like this one to fruition. For complex accounts, the expertise of a risk manager and trusted advisor will be a necessary partnership in the digital equation.

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