While automobile insurers are busy chasing Telematics Insurance, the next path-breaking innovation —driverless cars — is already on the horizon. This development raises a few important questions regarding if Insurers are ready today with disruptive technological innovations and whether they are digitally ready to compete with other players who are digitally aware and totally prepared for this new development. This whitepaper explores how automobile insurers can tackle the challenges posed by next-gen customers. It provides the top 3 scalable strategies, which can be adopted, and a 10-point checklist to validate their journey towards future business growth.
Post the 2008 meltdown, there has been a drastic shift in the way customers look at setting their investment goals. The logic of identifying separate goals and then treating them identically, and investing all the financial assets into a single bucket did not appear to be a sensible approach for the customer. The goal-based investment approach considers the complete set of a customer’s resources to achieve his financial goals and aspirations. This PoV paper focus on moving away from the traditional approach and adopting a goal-based investment and reporting approach, which is emerging as a way of allocating assets that focus on funding financial goals instead of just focusing on maximizing the Return on Investments (ROIs).