Insurers Can Use Personal Cloud to Create Value for Consumers
Insurers Can Use Personal Cloud to Create Value for Consumers
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Our mobile devices serve as repositories for our most precious memories and important documents. People are generating more and more content, but what happens when the devices we rely on to store those precious memories are lost, stolen, or broken?
According to the “Deloitte 2021 Connectivity and Mobile Trends Survey,” the average U.S. household has 25 connected devices across 14 categories and the number of connected devices globally is estimated to reach 38.6 billion in 2025, up from 22 billion in 2018.
More devices will lead to more digital content, creating vulnerabilities around privacy, personal data, and hardware protection. Consumers want peace of mind knowing their content is safe, so they frequently back up their data to the cloud. This has created an opportunity for insurers to continue to prove themselves as the trusted guardians of their customers most precious content-both tangible and digital.
Protecting Consumers’ Digital Assets
Consumers store digital content on their devices that is priceless and irreplaceable. Insurance providers have an opportunity to reinvent the traditional insurance bundle by incorporating a personal cloud solution into the offering. Many insurers offer plans to protect mobile devices and other electronics in the event they become damaged. It is time for insurers to look beyond protecting the physical device and understanding how they can protect the digital content that is stored on the device.
According to a survey conducted by Cisco, 84 percent of respondents indicated that they care about privacy and care for their own data. The integration of the personal cloud into existing insurance offerings can benefit consumers by providing them with a simple to manage, all-in-one insurance plan for the content on their device.
A single cloud solution that allows a consumer’s family to share and engage with content across multiple devices is crucial. A central hub will make it easy for subscribers to manage digital content and safeguard important documents like insurance policies through the creation of password protected folders. This allows service providers to deliver more value to customers, protect data, and improve the sharing experience across devices and between individuals.Providing an extra layer of security offers a safe space for confidential content including photos, documents, and videos. The information is only accessible from a user’s mobile device and requires a PIN to gain access. The information in private folders can quickly and easily be moved to a different folder if necessary.
Value for Everyone Involved
The integration of the personal cloud into existing insurance offerings can benefit insurance providers as this serves an opportunity to strengthen customer relationships, reduce churn, increase renewals, and increase their bottom line. Insurers that are offering an all-in-one insurance plan that features home insurance, auto insurance, and mobile device insurance in addition to protecting the content on the device, gives the consumer less of a reason to switch insurance providers if their data is stored on a personal cloud solution.
Insurance providers have a lot to offer customers looking for a provider they can trust to protect their valuable digital content. Consumers want to feel at ease knowing their digital content is secure and accessible in the event they lose their electronic device. In addition to safeguarding data, offering an easy to manage, all-in-one insurance plan can establish brand loyalty, increase customer satisfaction, and generate revenue which will facilitate a long-term relationship between the insurer and the customer.
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