Sparking change: the Roaring Twenties revolution of the 21st century
Just as the Roaring Twenties of the last century forever changed the US, the mid- to late-2020s are set to give rise to the transformation of global society and business, says Randy Cook, CEO, AMI Global Assistance
When our future selves reflect on the time, it will be renowned for ushering in a disruptive sea of change in productivity growth, solution-seeking partnerships, and scalable value distribution.
While the effects will be universal, they will be particularly evident in industries such as healthcare, medical insurance, risk management and assistance – industries that were previously characterised by their human-centric, labour-intensive services and which had been struggling to innovate, break down barriers, eliminate silos and manage crises and costs.
At AMI Global Assistance, we are leading the charge and sparking disruptive change in the industry with:
• The emergence of a new business model and operating procedures, thanks in large part to the maturation and convergence of technologies
• The development of a unique new value proposition in response to corporate and government re-evaluations of their missions, budgets, models, and culture
• A prompt response to changing consumer behaviours, attitudes, priorities and needs.
The great re-evaluation
Recent changes in consumer behaviour driven by the pandemic require a response from the assistance industry in the form of increased customisation and access to convenient and quality health, wellbeing, safety, and security
services. There is also evidence to suggest consumers are thinking more about their health and safety and are more cautious with their money compared to pre-pandemic spending.
This means assistance companies need to redouble their efforts to form collaborative value-based partnerships to help manage costs.
While organisations and governments are still recovering from Covid-19-related spend, there is also a growing appetite for corporate risk management and assistance support in the face of ongoing global volatility and uncertainty, whether epidemiological or geopolitical.
As organisations and governments build increasingly digital and flexible models, there is an urgent need for the industry to provide increasingly bespoke service options as the onesize-fits-all approach is now obsolete.
The rise and rise of technology
The industry is highly regulated and requires global data insights and sources to help us stay ahead of changes. The convergence, maturity and at-scale roll out of technologies such as Big Data, Edge Computing, Machine Learning, 5G, Cloud tech and the Internet of Things are accelerating productivity growth.
Today, customers have a more voracious appetite for data-informed insights and efficiencies to support cost containment. Technology can help connect payers, providers, patients and assistance companies to help support:
• Convenient affordable access to care, safety and security services
• Intelligent data acquisition and monitoring for risk modelling, and analysis to help inform decision making at a strategic or personal level
• Increased ease and speed of financial transactions, claims reimbursements and service payments
• Real-time data transfer and patient transportation capabilities
• Cybersecurity protection against data breaches and losses
• Almost real-time tech agility and evolution
• Machine-to-machine automation for faster processing, sharper insights, lower costs, reduction of risk for human error and freeing up time for critical human intuition, expertise and intervention.
We’re developing a purpose-built proprietary tech platform, mobile apps, web portal and admin portals to provide organisations and their personnel with all they need to help prevent, prepare for, and respond to health and security
risks around the world, 24/7.
The acceleration of active collaboration
Inflationary pressures and supply chain security issues faced by payers and providers require assistance companies to work differently. This means they not only need to harness their global expertise but their deep local knowledge and niche services. It also means:
• Collaborating with providers who are resilient, agile and financially robust
• Breaking down silos and building collaborative partnerships to solve industry wide challenges
• Scaling up by improving processes and distributing services to wider audiences
• Minimising carbon footprints and finding greener working practices
• Providing client-focused, end-to-end assistance solutions that extend beyond the scope of traditional assistance; one of our core strengths.
The Roaring Twenties revolution of the 21st century has already begun. And as new innovative, agile players such as AMI Global Assistance emerge in the industry, legacy companies will need to adapt rapidly to hold on to market share and keep up with this new era of personalisation, collaboration and technological evolution.