The chips have the ability to transmit the location

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Unformatted text preview: conductor chips are being embedded into a wider variety of physical artefacts. The chips have the ability to transmit the location and time information to people as well as to a growing number of other devices or data repositories. For insurers, the devices can initiate commerce transactions such as sending location information about accidents (including pictures and videos to help determine which driver was at fault), sending driver usage and behavior data to the claims and actuarial staff of insurers offering payas-you-drive insurance, or requesting information about the location of the 30 S TRAIGHTTALK I T MONETARY FLOWS ARE IMPORTANT, BUT FOCUSING ENTIRELY ON FINANCIAL FLOWS IS AN INCOMPLETE DESCRIPTION OF COMMERCE IN A MARKETPLACE THAT IS INCREASINGLY BEING RESHAPED BY THE MARRIAGE OF WEB AND WIRELESS CAPABILITIES nearest insurance agent and showing the map and directions to the agent’s location. Two examples using the insurance company value chains for both perspectives are: This web of interconnected wireless chips will redefine the insurance m-commerce environment, and in turn will alter how consumers, insurance agents, and brokers conduct business with insurers. In the longer term, it will reduce the number of insurance company personnel that need to be involved in initiating or fulfilling financial or information transactions. ■ New business application process. Discovering m-commerce opportunities in the value chain We recommend that insurers use two value chains to discover m-commerce opportunities beyond the possibilities outlined above. The first contains the traditional set of activities from the insurance company perspective, and the second captures the major activities of the insurance purchase and service processes from the perspective of a prospective client. Insurers should consider each value chain separately and then identify the opportunities that align to both the company and the prospective client. This activity is a component of the “make sales” and “evaluate a...
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This document was uploaded on 12/31/2013.

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