UK insurance company Direct Line is doing just this with the help of cutting edge technology. Instead of passively responding to insurance claims, the company is aimingto prevent the claims from even happening. Their first project involves reducing accidents that happen at night with a prototype fleet of responsive drones fitted with powerful, on-board lights. Imagine you’re cycling home on a dark winding road – you could call a drone to light the way, acting as your own personal, portable street light. For obvious reasons, reducing the number of insurance claims seems like a negative thing for insurance companies. If technology can prevent accidents from happening, then insurance companies will suffer. Fewer accidents means fewer claims, though better watch out for drone congestion!
Drones also add the potential for Digital Transformation of operations. Claims management teams need not send out expensive and scarce inspectors. They can combine video-streaming, drones and triage the relevant experts.
Embedded as part of a digital platform the insights and decisions made, together with video images, can be stored as part of the digital record of the claim.
Why do companies self-disrupt? Disruption is a near inevitability, especially when there are so many innovators and so much technology to encourage it. The majority of established businesses are thoroughly surprised when disruption comes knocking at the door, but firms like Direct Line are ready for it because they caused it. The most perceptive companies are aware of change, and instead of waiting for somebody else to come along and threaten their businesses, they’ve decided to do it themselves. This might look like an risky move to make, but by recognising the potential for disruption and then actively causing it, companies can attempt to future-proof themselves. The most successful businesses know how to predict and respond to disruption, and if they themselves are the disruptors, then the effects are far easier to deal with. It’s jumping before you’re pushed.