The digital revolution must involve building technology with a heart

So, on World Telecommunication and Information Society Day this May 17, I simply cannot find the words to express my enthusiasm for this year’s theme: accelerating digital transformation in challenging times.

The digital vista has often been accused of claiming an overbearing influence on our lives, with screen time inevitably replacing face-to-face interactions and the fostering of meaningful relationships.

Those accusations may be fair, to an extent. But our response to the pandemic has proven that technology doesn’t have to be robotic in nature.

It can also be used to strengthen bonds like never before, enabling people to connect together on a deeper level.

In essence, across the complex times of the pandemic, and now with the war in Ukraine, technology has taught us that it can truly assume a human touch.

Businesses must feel the urgency to leverage the advantages of 5G and the 'internet of things'.

From a personal perspective, Covid lockdowns and restrictions have, perhaps rather ironically, allowed me to connect with my family at home in Bulgaria more frequently. They’ve enabled me to learn about my colleagues, much more than when I was sitting in my office only a few meters away from them.

I’ve been compelled to explore multiple apps and technologies on both a personal and professional level, particularly with regard to health. I think I speak for millions of people when I say that we have felt a bold urge to embrace the technological shift triggered by the immensely unpredictable circumstances.

And the shift is deeper than we think. 

Societal mission

To the point that I often ask myself, as board member of Allianz and the chief executive of an international organisation, do we, as an insurance business, truly do our best to harness data and technology to prevent our customers from getting into trouble in the first place? Are customers really enjoying the full benefits of this digital revolution?

We probably now have crucial choices and leaps to take. We’ve done a lot to protect our customers, but in the global sphere of insurance, our societal mission now is to use technology to predict risks and prevent accidents from happening in the first place.

This kind of digitalisation requires significant strategic investments and requires leaders to take a long-term view on the competitive advantages they’re building, together with an openness towards shifting their business model over time.

But without a human touch it becomes an opportunity that is catastrophically wasted. This is the very cornerstone on which the future of technology in insurance stands.

So, the next move in this revolution must involve building technology with a heart.

This is the future: the best of technology blending seamlessly with the best of the human race to produce the most accessible, empathetic and effective services in a borderless world.

It can be achieved, we’ve found, and we already see it every day. We have smart watches that can predict a heart attack ahead of time, apps that can track your diabetes and heart problems and issue warnings when something requires attention.

But businesses must feel the urgency to leverage the advantages of 5G and the 'internet of things' and work together to establish the new standards required for interoperability.

Consumer demand

Consumers expect access to services regardless of the device they’re using – whether it be via Alexa, in their home or their car.

Imagine being a customer wishing to make a claim while sitting in a car, using an iWatch or Alexa, only to realise that the insurance company isn’t equipped to handle the request.

Customers are demanding access to more services through more channels and devices than ever and we need to deliver that for them.

Moreover, 5G-powered IoT will strength our ability, as an industry, to predict and prevent. Imagine a rental car detecting an accident just ahead and breaking on time to avoid an accident.

And as the car gets you safely to your hotel, you’re connected to a travel booking platform and your hotel is informed of your late arrival. Your dinner reservation is then rebooked to a later time, with a friendly confirmation appearing on your iWatch.

If businesses don’t build these standards together, and don’t collaborate more closely, the risks are enormous.

This is the future: the best of technology blending seamlessly with the best of the human race to produce the most accessible, empathetic and effective services in a borderless world.

Should another pandemic occur, it’s imperative that we be ready to apply the key learnings of these past two years.

And the most important of all the takeaways for me is the need for insurance to endorse its greater societal role to infuse a more caring and human feel into the technology we’re building.

Sirma Boshnakova is chief executive of Allianz Partners