Last month, insurance company Allianz Nigeria launched a new claims filing service called “The 60 Minutes Revolution.” The insurer promises that customers who submit a completed claim form, picture of the vehicle damage, a police report, and a repair estimate during business hours will have their claim paid within 60 minutes. The scheme applies to claims worth NGN 150,000 (USD 410.40) or less. Allianz Nigeria sees the initiative as a way for auto insurance to keep up with the fast pace of society.
You’re probably not wrestling with insurance claims. But we’re sharing this with you because this innovation is a picture perfect (boom! ;) example of trends in action:
Expectation transfer. Our entire model of trends is built around one big idea: new innovations set customers’ expectations. And right now your customers’ expectations are being set by innovations in other markets or industries. And these new expectations – for convenience, entertainment, trust or whatever basic human need your business deals in – will instantly be applied to everything that you offer. A Nigerian auto insurer might feel a long way from a US e-commerce company, but Allianz absolutely has to compete against the standards set by Amazon. But don’t just look at Amazon! Foodpanda’s customers in Hong Kong can now get delivery in as little as 15 minutes; Xiaomi’s Indian customers can receive loans in five minutes; Netflix famously trialed faster video playback speed for Android users!
Take a basic human need that’s central to your business, such as convenience. Find five brands, in other markets or industries, that are raising the bar in this area. What would you have to change in your offering to raise the bar for everyone else?
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