VRM - see your possible data future
What will it be like when consumers control their own data and become the driver of relationships with vendors?
Went to another VRM Lonodn meeting last week organised by Adriana Lukas.
Richard Marr has written a good synopsis of his undestanding with some very handy 'use cases" illustrating what VRM might be used for in the future
Insurance
Bob is looking for some home insurance. He inputs data about all the belongings in his house that he wants covered, his postcode (zip code if you’re merkin), and then sends a message through the VRM host to insurance companies giving them one-off access and asking them for a quote. The insurance companies respond. He then selects the quote he wants, and provides them with his identity and whatever other personal data is required to establish a relationship. The chosen insurance company can then be given persistent access to Bob’s private house contents data so that he can quickly re-insure when he buys something to avoid being underinsured.
The insurance company wins because they can cut out the brokers. Bob wins because he gets cheaper insurance and can reduce the hassle of re-insuring. He doesn’t want to be underinsured if something goes wrong.
Neat, does it for me, particularly as the average fee paid to brokers for their service is £50 which would be a nice cost reduction on MY home insurance.
While writing, Adriana has uploaded a slideshow of her vision of the user experience for VRM here
I particularly like her summary of recent online applications that have created a movement behind the initial software. Blogging is the killer app for conversations; Social networks are the killer app for relationships. Could VRM be the platform for killer apps for transactions [slide 7].
She gives a travel example in slides 10 - 15 showing all the different places online she puts her travel information - from flights to photos and suggests these should come together into a single central place, personal to her.
The working title for the online place where you put all your data is "Mine!" - double entendre intended.
At the end is the link to the London VRM Hub wiki - come and join a meeting if you are curious. They happen monthly.
Tags: Adriana Lukas, CRM, rebecca caroe, VRM, VRM Hub