Truman Esmond, VP of Customer Engagement at American Association of Insurance Services (AAIS), discusses technology trends affecting insurers, and how they will shape target marketing and the customer experience going forward.

Speaking from the 2016 NAMIC Convention, Mr. Esmond says insurers are concerned about several major issues including technology and data, challenges with the customer experience, traditional and nontraditional competitors.

He says the hottest trends affecting insurance products surround the ability to collect for more contextual information, the Internet of Things (IoT), as well as improved the deeper insights and analytics available to assess risk.  Mr. Esmond sees data, together with emerging technologies, helping to improve and extend customers service beyond the quote and the claim, more toward a common goal with customers – avoiding claims.

According to Mr. Esmond, most companies have data; the question is “how do they use it?” Typically technologies are applied to loss prevention or claims insights. He believes it will be applied in areas like marketing to support targeting customers that align more with an insured’s risk appetite or expertise.

Commenting on AAIS as an ‘advisory’ organization, Mr. Esmond says it is unique given how few have the status. There are but two national advisory organizations in the U.S. As one, AAIS has the ability to develop a product more efficiently for affiliates, who may tailor coverage to their target niches, or use it verbatim. Regulators appreciate knowing the commodity product, while carriers are assured with how the program will perform using AAIS loss experience data.

For more of our coverage of the 2016 NAIMC Convention, visit the On Demand Library.

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