I just had the pleasure of attending the CCC NXT Conference, which took place against the stunning backdrop of Tucson’s Sonora Desert. What struck me the most about the conference was the collaborative atmosphere. CCC, its customers, solution partners, collision repairers, car manufacturers, component suppliers, and industry analysts gathered to discuss the art of providing a great customer experience (CX), mainly when dealing with motor vehicle claims. In front of my eyes, I could see a perfect illustration of ecosystem management at work and the value that it offers.

“Ecosystem” is a trendy concept, appearing in contexts such as platform-based business models, customer experience ecosystem mapping, B2B marketing’s ecosystem management, and ecosystems as a cornerstone of vendor selection processes. The advantages of ecosystems include leveraging network effects, enabling unified value creations, expanded customer reach, and co-innovating at scale. But to benefit, businesses have to get ecosystem management right. And this very much applies to insurance, particularly the claims process.

Vehicle claims are often complicated, involve several parties, and take a long time to resolve. Each participant in the claims process, including carriers, loss assessors, vehicle repairers, diagnostics technicians, and so on, has distinct needs and requirements. An emerging technology ecosystem, consisting of various linked and interdependent technologies, is developing to meet those needs. For example, emerging technologies such as artificial intelligence and, more specifically, computer vision technologies can meet the needs of carriers (assessing the circumstances of the accident and the extent of the damage) and vehicle repairers (diagnostics to repair the damaged car). There was plenty of evidence of such solutions during the conference, which might make the dream of zero-touch automobile promises a reality.

The value of such an ecosystem and successful ecosystem management in promoting innovative customer-centric solutions cannot be overstated. No carrier or technology partner can always be on the leading edge of innovation; an ecosystem enabled by emerging technologies, however, has the potential to be at the forefront of innovations, generating innovative solutions to market quicker and at a lower price. In the end, all these give rise to superior customer experience.

From a technology perspective, I was blown away by the advancement of predictive and prescriptive analytics and using different computer vision technologies. The goal here is to keep humans out of the loop (HOOL) as much as possible while managing the automobile claim. But it wasn’t just about straight-through processing and HOOL systems but also about “human in the loop” (HITL) systems. I witnessed glimpses of futuristic HITL systems, which provide even better customer experiences and reduced repair times thanks to augmented and virtual reality. The one that caught my eye was the prototype of a solution that uses a 3D virtual model of a damaged car to enable multiple people to diagnose damaged vehicle parts simultaneously. Working on the car simultaneously with various stakeholders and not having the challenges of being co-located will improve the turnaround time of vehicle repair. By reducing the period between the first notice of loss and a wholly repaired vehicle, such solutions, among other things, reduce claims expenses, resulting in healthier bottom lines. They also enable a better customer experience.

Against these dazzling technologies, I considered what all of these mean for the wider society. I discussed with various participants if they explicitly linked technological advancement, including this CCC ecosystem, with the idea of inclusive insurance. Inclusive insurance was not top of mind for many, however. Expanding the insurance industry’s market size is a win-win scenario for all stakeholders. It would be a travesty if such scalable ecosystems enabled by emerging technologies did not directly or indirectly solve the needs of the disenfranchised and those not sufficiently covered by insurance. Insurers and their service providers may reach new markets and consumer groups by offering suitable, accessible, fair, and equitable (SAFE) insurance solutions. This market expansion will increase profit for the carriers and the ecosystem partners.

Insurers enabled by their ecosystem partners have a unique opportunity to use a part of this additional profit to support insurance solutions that meet the needs of marginalized people. It will improve social fairness while also expanding the insurance industry.

Connect with me through an inquiry or guidance session to discuss any of these topics, including artificial intelligence and computer vision technology usage in the insurance industry and how to make the most of it.