By Valerie Raburn

Valerie Raburn

Valerie Raburn is vice president and chief innovation officer for Insurance at Xerox Commercial Solutions.

Think you’re easy to do business with?  Insurance companies have invested tons of money in technological advances: mobile apps, social presence, improved accessibility.  These are all very worthy initiatives enabled by technological advances.  But have you gotten so wrapped up in technology that you’ve overlooked other opportunities to improve your core products?

Auto insurance, for example, has become so commoditized that even your competitors can quote your premiums. This is probably convenient for the average price shopper, but wouldn’t you rather confound the Internet pricing engines with a hybrid auto/home product?

Imagine how great these two ideas could be for the consumer:

  • The combined auto/home premium could be paid automatically through the home’s escrow account.
    • Customers would no longer be inundated with separate premiums and policies, each coming due at different times and for different amounts.
    •  Customers would never have a late payment or accidental cancellation.
  • Only one claim and one deductible would apply in situations that traditionally require two claims and two deductibles, for example when:
    • The customer forgets to open the garage door before backing out.
    • Her car is broken into and expensive golf clubs are stolen from the trunk.

We encourage industry leaders to think differently about how their business models produce revenue. See how Xerox’s innovation themes match your needs.

Often it’s the little things that make the biggest difference.  Paradigm changing solutions can re-energize a stale environment, and create new customer loyalties to counter diminishing revenue from automobile insurance policies.

Certainly there are obstacles to implementing this type of solution, but maybe it’s time for dialogue on how to reinvent property and casualty insurance in a way that benefits both the consumer and insurer.  You may discover new low tech innovations that truly make it easier to do business with you, and create value and stickiness that surpasses your competition.

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