Our last blog discussed InsurTech’s impact on the insurance industry, but it’s not the only factor changing insurance. Customer expectations have changed dramatically over the past few years, and an excellent customer experience is no longer seen as a competitive advantage, but as an industry standard. A key focus for insurers will be to improve customer engagement and customer satisfaction.
Your customers can access pretty much anything on the Internet, they can order food, call an Uber ride, watch their favourite films, but very few are able to purchase insurance easily online. Even as 2017 draws to a close, a lot of insurance providers do not offer online platforms for insureds, and they are not putting their customers, or potential customers at the center of their business model.
Property and Casualty insurers and brokers need to be looking to digital solutions to expand their business, reach new clients, and enhance customer centricity. In addition to this, insurers will need to take further steps to enhance customer experience online, leveraging technology to deliver simpler more flexible insurance products, solutions, and business models.
With the aggregation of technological and demographic changes, customer expectations are for a more fluid, digital and seamless experience with their insurance provider. Having solutions that are customer centric will be a prerequisite to providing insurance digitally.
Insurance as a whole is seen as a late adopter, with commercial Property and Casualty insurance barely even on the radar of technical innovation and digital solutions. The rise of the self-service on demand economy is normalizing excellent customer service, forcing insurer’s hands.
One the priorities for insurance providers in 2018 will be a focus on customer driven innovation and understanding how to fully engage today’s digital savvy customer.
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