So this week we saw parts of the internet go down, as the Fastly content service went AWOL. It shows how vulnerable companies are to cyber and ransomware, so let’s start with that news.
(RE)START: THE RANSOM IS A SIDE ISSUE
One bit of research we noted from Prolion this week was that the ransom is often a small part of the overall cost to a business when service is denied. There’s the reputational damage, the extra IT costs, the back-up work, new passwords, third party supplier reset etc.
It’s a reminder to everyone in insurance, or any online biz, that you need to build IT smarter from the ground up, make it genuinely resilient to a denial of service.
RUN: IoT DATA CAN ADD VALUE
The news that Covea is now rolling out the fitting of Leakbot devices is one of those stories that gets you thinking about extra value. The data from modern homes is increasing, not just from Alexa and Ring doorbells, but humidity or air quality sensors and even fridges.
When you’re building a new product one of the ways you can reach out to the customer is ask them to share data in return for something. Could be a reward voucher, could be a discount. But it’s all about connecting ideas and people.
GROW: CLIMATE POLICIES CAN PAY OFF
A report this week from Atradius shows how the climate agenda is a huge opportunity for insurers and everyone in that coverage supply chain. Buzzwords like `Build Back Better’ actually translate into hard cash being spent on greener infrastructure, recycling, sustainable consumerism and more.
As politicians invest cash into their green projects throughout the 2020s, the door is open for companies to provide new online solutions to old tech problems. That could be added value in terms of data analytics, tracking or monitoring systems or automating so much of what we now do manually. Creating PAYG, on-demand insurance, plus all the extras like digital ID cover, 24/7 healthcare, cyber etc to fit the new greener infrastructure in cities is going to be a big opportunity.
GROW MORE: GREEN CAR PARTS
Talking of greener profits, the car repair sector is embracing green body parts fully, which is something that ticks the ESG reporting box and saves the planet’s resources.
There is an obvious time and money saving aspect to recycling a rear light cluster or door panel of course. But the wider view is that consumers who support recycling and sustainable living will actually buy into your brand values long term. In some ways this could build loyalty when the FCA ruling on price walking comes into effect next year.
Car insurers that win loyalty long term will probably do so more on long term value, customer service and saving the planet, not price.
If you’re interested in creating loyalty or reward programmes that add value for your clients, Stubben Edge can help through our new Distributor platform. Contact us for more information on how we can help you Start, Run and Grow your business: email@example.com