The future is all about the customer. Understanding the future is all about customer signals that should shape business strategies. From COVID, to historic inflation, to severe weather events, customers are enduring an ongoing string of challenges that have shaken their sense of financial security in how they can protect their homes, autos, life, financial well-being and more. Now more than ever, insurers must take a leading role in helping customers rebuild their confidence, security, and optimism.
Traditional insurance products have always been pivotal in creating peace of mind. But new and expanding risks, market dynamics, and evolving needs and expectations of insurance buyers, particularly the younger generation, require new ideas and approaches.
The rise of individualization and personalization is rewriting the customer experience and the insurance process: from the products offered and their pricing and underwriting, to the purchase channels available, to the services provided. Customers are seeking simple, holistic, direct experiences within a digitally immersive model. Insurers can meet this new expectation by creating multi-product customer experiences via ecosystems focused on overall financial wellbeing.
Read this report to understand and learn how to adapt to the forces behind the changes in customers’ insurance needs and expectations, including their:
- Increasing use of digital technologies and digitally enabled businesses
- Top of mind issues, including household finances, inflation, crime, and planning/saving for retirement
- Growing interest in value-added services, new distribution channels, and new, non-traditional data sources for pricing and underwriting.