By Ashish Mishra
Coming back from the tracks of “Let’s reap all the benefits” (precisely companies expect so) to “Let’s all reap the benefit”, will certainly turn the tables.
Data security can also be a primary policy driver. Companies can upgrade their core, seamless and robust systems, and implement the latest insurance business model that focuses more on data security. This model could be next key winning factor for insurance companies, which enables them realize greater responsibilities towards their customers. An insurance company that can promise data security and also deliver 100 percent results, will always stand out as a winner. The more an insurance firm anticipates challenges and handles data security diligently via technological readiness, the lesser is the failure and its impact. These are the major factors such companies require to focus upon.
In my opinion, designing of any innovative technology is everything! Designing of securities, data centers, big data and its architecture is going to be the focal point in today’s world. And, from “Big is beautiful” to “Small is beautiful”, and eventually, just “Being beautiful“ will apparently drive the entire ‘post digital’ era.
Calling it a paradigm shift! In a world where being digital is not a very new thing, it also does not thrill our industries. Be it digital health insurance, digital health support for insurance or telematics, nothing is new or exciting now. We are in the ‘post digital’ era.
Then, where exactly is the paradigm shift? And, how different is it or would it be from the current techno-crunch?
I would share a different view - A shift where the real motive behind digital health is to ease the health services. It can also mean Usage-Based-Insurance or Pay as You Drive. We have some examples of it i.e. telematics.
For the discussion, an insurance plan equipped with much customization will be an ideal example for segmentation. Therein, an individual’s plan would be focused on only Mr. X or on a very small group of people, although it is not considered as a feasible solution so far.
However, the yet to be completely explored “Data and Analytics” can really help this industry reaching an acute level of market penetration. We have started seeing proliferation of big data and various analytical techniques for extracting different meanings through it.
Connecting the same point, enhanced end user experience and satisfaction can be sought through simplifying the organizational functioning. Its business model will be key to recapture the market. If the investment through the accumulated money is turning red, then profit maximization of can be achieved through operational efficiency. The implementation of data analytics would also give a competitive advantage, along with increased profitability.
But, what else would companies acquire? Certainly, it shall be loyalty from their customers, cost savings and scaling their businesses. At the same time, the companies will be facing bigger challenges. For instance, many companies will be with the similar modus operandi. Customers or end users will be generally accepting all the advertisements.
Thanks to the Sleeper Effect, which slowly fades away the source or credibility of the advertisement messages and eventually, a user is left only with the persuasive message.
I would share a different view - A shift where the real motive behind digital health is to ease the health services. It can also mean Usage-Based-Insurance or Pay as You Drive. We have some examples of it i.e. telematics.
For the discussion, an insurance plan equipped with much customization will be an ideal example for segmentation. Therein, an individual’s plan would be focused on only Mr. X or on a very small group of people, although it is not considered as a feasible solution so far.
However, the yet to be completely explored “Data and Analytics” can really help this industry reaching an acute level of market penetration. We have started seeing proliferation of big data and various analytical techniques for extracting different meanings through it.
Connecting the same point, enhanced end user experience and satisfaction can be sought through simplifying the organizational functioning. Its business model will be key to recapture the market. If the investment through the accumulated money is turning red, then profit maximization of can be achieved through operational efficiency. The implementation of data analytics would also give a competitive advantage, along with increased profitability.
But, what else would companies acquire? Certainly, it shall be loyalty from their customers, cost savings and scaling their businesses. At the same time, the companies will be facing bigger challenges. For instance, many companies will be with the similar modus operandi. Customers or end users will be generally accepting all the advertisements.
Thanks to the Sleeper Effect, which slowly fades away the source or credibility of the advertisement messages and eventually, a user is left only with the persuasive message.
Coming back from the tracks of “Let’s reap all the benefits” (precisely companies expect so) to “Let’s all reap the benefit”, will certainly turn the tables.
Data security can also be a primary policy driver. Companies can upgrade their core, seamless and robust systems, and implement the latest insurance business model that focuses more on data security. This model could be next key winning factor for insurance companies, which enables them realize greater responsibilities towards their customers. An insurance company that can promise data security and also deliver 100 percent results, will always stand out as a winner. The more an insurance firm anticipates challenges and handles data security diligently via technological readiness, the lesser is the failure and its impact. These are the major factors such companies require to focus upon.
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