Meeting New Customer Demands and Products in a Multi-Channel World
Drawing on findings from four primary research studies on Consumers and SMBs (Insurance “Buyers”) and InsurTechs and insurers (Insurance “Sellers”), this report provides unique insights on the alignments and gaps between Buyer expectations and Seller strategies, priorities and investments, revealing which types of Sellers are well-positioned to create the future of insurance, and which ones are likely to be left behind.
- The Experience is Now the Product – To meet ever-increasing standards for engagement, Sellers must deliver personalized, tailored experiences that meet the modern customer’s expectations … because engagement and experience is a key part of the product.
- Be Ready to Make Bold (but Educated) Bets – Successful management of the existing business and reinvention of the future business requires making a bet—one that can overcome the drag of the old way of doing things. Making that bet requires a deep understanding of your customers in terms of what they expect.
- Speed of Operations and Speed of Innovation – The future leaders of insurance are modernizing and optimizing their existing businesses as a means to meet current customer needs with profitable operations that fund the design and building of their new future business. They are using cloud-based insurance platforms that enable rapid development of innovative new products, services and channels that can be tested and quickly scaled to deliver what Buyers demand.