Thursday, March 17, 2016

What You Need to Know about Insurance, Gen Y and the Internet of Things

Generation Y the first customer group to be born with digital and grow up connected by 2025 Gen Y will comprise seventy five percent of the global workforce they expect to engage with insurance companies in the same way they live the rest of their lives and right now they're not so happy around the world customer experiences high but not pretend why according to the World insurance report 2016 from Capgemini and F Gen Y interacts with their insurer twice as much as any other age groups across all channels and favor the use of digital more general.

I expect a seamless integrated experience across the digital channels they love and the agents they depend on they see nothing unusual in buying insurance products from Intex are alternative providers who are already at innovative and engaging fully across all channels it's easy to see why Gen Y has high digital expectations as they live connected lives the Internet of Things is already here.

And will soon dominate every aspect of everyday living people are already showing interest in adopting driverless cars and wearable devices to track health and fitness affluent customers show even greater uptake smart devices will talk to each other driver performance can be measured and analyzed on the go health could be monitored in real-time without waiting for a check up and increasingly bold roles tasks and decisions will be automated by machines customers will expect insurance products to represent this changing world and for insurers it means reevaluating pricing models based on the individual's transparent and accurate risk profile and check and brand-name tech companies know this and are already acting they're developing tech friendly easy to buy insurance the challenges to stay ahead of the competition by grasping the fundamental revolution in risk posed by this new world because in a safer more connected world risk transparencies increasing risk ownership will change and some risk could disappear altogether new business models need to be as smart and agile as the technology of the Gen Y world they serve transformation strategic decisions need to be made now the futures clear insurance have to strengthen their connection to Gen Y customers reflecting held their lives right now they want it all a seamless experience with both advanced technology and personalized service from their agent and the systems they interact with requiring new business models pricing structures and new ways to determine risk also ensures can stay ahead of intense competition for more information contact us insurance at Capgemini dot com or visit

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