#TECHVISION2020 Digital death As insurers work with ecosystem partners to integrate digital from one generation of product to the next will be a key component Enterprises across industries are transitioning to experience-driven technology into products, they will increasingly have to contend of customer retention and loyalty in the future. products because they see the potential of continuous interactions with the “digital deaths” of devices and apps. For example, that with their customers. Reimagining the organization to support these Apple Watch a life insurer gave to a customer to use as a calorie products’ new lifecycle is how insurance leaders will bring that Under today’s new models of ownership, products are more than just counter and fitness tracker won’t be much use when Apple ends potential to life for their own businesses. the object in someone’s hands. That may affect not only how insurers support for that model. interact with customers, but also the nature of certain insurable risks. Not only will old devices limit the business in its ability to deliver the What if, for example, a software update “bricks” an electric car? How most cutting-edge experience; they will also begin to generate risk for do insurers mitigate business continuity risks related to breakdowns the whole ecosystem as aging technology is often rife with security of internet of things devices or robots? vulnerabilities. Building a strategy to smoothly transition customers 78% 72% 65% of insurance executives report their industry of insurance executives believe customers of consumers are tolerant of software is moving toward offering more variety updates that address security issues; generally don’t mind, or even welcome, in ownership models for their connected software updates to their organization’s 46 percent believe software updates products and/or services. connected products and services. often bring new problems with them. Technology Vision for Insurance 2020 | We, the Post-Digital People 37