Personalization in Insurance

There’s nothing more personal than insurance. If you think about what insurance is insuring, on the life side it’s individuals’ lives and on the PNC side, it’s the property or the assets that are most important in most cases to individuals’ lives. Having insurers adapting their products and prices to the individual is key, because so much of this is highly personal parts of their lives.

Data is Key

The opportunity for insurers to increase the personalization in their products, prices and services is actually at their fingertips. Data is a huge part of being able to do that and insurers have a tremendous amount of information on their customers.

A New Model

We’re still at the early stages of this and you can actually envision a model that flips the traditional approach where you start with a customer and then you dynamically build products and pricing around that individual customer because of the holistic view you have of them and the underlying capabilities to dynamically create products and price it correctly.

Involving New Technologies

Between the combination of data, which is a huge foundation of all of this and then enabling technologies that allow you to consume and process at a high speed and high accuracy, that data is the engine to ultimately create dynamic-based product and pricing capabilities.

Choosing the Right Partner

You need a partner who not only understands your business and understands how it works but understands the expectations and the industry of consumers and how those two need to come together. I think you want a partner who can bring a perspective and offer advice and guidance and help bring thought leadership to engagements to say, “hey, what has got you here is not what’s going to get you where you want to go next.”