Like all insurers, specialist carrier American Modern find themselves at a crossroads. In an increasingly competitive, technology-driven market, insurance carriers must continually innovate to deliver connected products and services, and many are feeling the strain.
We spoke to Shannon Lewandowski of the Innovation and Digital Team and Head of IoT at American Modern to explore their approach to driving innovation, and particularly, their water-sensor pilot.
Listen in to the webinar recordings to hear Shannon’s thoughts
Formed in May 2017 and tasked with identifying problem areas and creative solutions, American Modern’s Innovation and Digital Team homed in on water damage; a hugely traumatic event to befall the insured and the highest risk for the company in terms of dollar amount, this was seen as an area ripe for innovation.
A potential solution was proposed: water-detecting sensors. If an IoT-enabled water sensor could notify the insured of an event that they could then mitigate the effects of, this would surely result in either fewer, or less severe, claims.
While this sounds promising, all organizations will recognize the risks of operationalizing such costly initiatives without knowing if customers want them and if they will even work as intended. But how can insurers explore and answer these questions without impacting on core operational capacity or profitability?
Listen in to the webinar recordings for more insights on American Modern’s project, including:
Evaluating customer demand – how to gauge and test consumer demand for a product or service
Building a business case without historical examples
Assessing the effectiveness of technology before operationalizing – how to test as many variables as possible throughout the piloting process
How American Modern fine-tuned the program through an iterative test-and-learn process
Unexpected benefits to insurer and customer
Join us at Connected Insurance USA (November 28-30, Chicago) where American Modern will share more details around this project and their roadmap to driving innovation. To find out more, please visit the website: http://events.insurancenexus.com/connectedusa/ or get in touch!
Head of Strategy
T: +44 (0) 207 422 4349