Today it is my turn to write something that might interest others. But about what? I thought "let’s write something that is close to me this time instead of promoting a technology or discussing a theory that is not my own". So I started thinking... and then it popped up (you know as one of those aha moments that makes you smile). I remembered the conversation I had the other day on the future of insurance. "Is there one?", you might think, and yes, I believe there still is. That is the topic of today's very interesting read. I will take you on a short, but hopefully, inspiring journey.

The conversation I am referring to was on 'standard use cases' in insurance as: use of data, growing value of risk prevention, connected insurance, open insurance platforms, hyper personalized micro insurances, tech giant UX and value added services (incl. non-insurance) in the ecosystem that grow along with the insured personal lifecycle. By the way, I call these use cases "standard" but they are still far from being common practice in the industry.

But the conversation brought me back to quite a few years back, when I had a brainstorming evening with bright and likeminded insurance enthusiasts (yes they exist). Back then, we were brainstorming on the future of insurance (but then, all in). And I clearly remember the vision I presented and, even though it did not seem very controversial to me at that time, or even a natural evolution, it is still far from becoming a reality, looking at the current state of the business. 

I believe this is a missed opportunity. Therefore, let’s have a look to the future of insurance, or personal related risk in general if you wish. And maybe the picture is so inspiring that someone will jump up and say 'let's do it'. But what is it? 

The vision I presented many years ago was: "In the future you can insure yourself for all risks. And of course your family if you wish". Thus in simple words, let's insure personas with a lifecycle fee. Ta-da! "Why did I not think of that myself?", you may think.

But why is this vision still far from reality? The possibilities are endless (and I know as I work with the latest technologies & data intelligence techniques every day). Think about the following, for instance: the power of data (and data sharing), dynamic propositions, connected devices, open insurance platforms, 5G, geo locations, liquid ecosystems that are already being created, globalization, the steep maturity growth of conversational services, prevention in daily life that is all around us.

And of course (ok, I did not do research but I have a good feeling about it) this value propositions is super interesting to a vast number of prospects all around the world. Let's insure for example 'The student', ‘The gamer’, ‘The Cross-fit’, ‘The Active Retired’, etc, etc. 

A marketer can probably come up with a few personas that really trigger the imagination of a large group of new customers. And it even will attract exiting clients when they experience the peace of mind this brings. Imagine, just one personal virtual agent for all your insurance related items. And of course, the liquid ecosystem we already live in, accelerated by new regulations can make this your personal agent for everything. How cool would that be?

Now, many years later but still valid, I encourage insurers, insur/fintechs, service provider, start-ups, other financial institution or any other business to challenge the status quo and move beyond the current risk approaches. Even actuaries and risk analysts that start to sweat when they read this, think further and challenge your current models.

Who is with me? Let’s go beyond

I am very interested in your opinions