Global cloud insurance software solutions provider, Majesco, has revealed the potential for growth in property insurance through its new report, ‘Bridging the Customer Expectation Gap: Property Insurance’.
The report emphasises three key gaps in customer expectation: pricing and underwriting, value-added services, and distribution channels.
The report uncovers the discrepancy between customer expectations and insurers’ current strategies, according to Majesco’s Consumer and SMB research. By addressing these gaps, insurers have the opportunity to foster long-term growth, enhance customer value, and bolster loyalty. This can be achieved by incorporating a customer-centric approach that aligns operational and strategic priorities with consumer expectations.
Denise Garth, chief strategy officer at Majesco, stated, “Insurers need to adapt and rethink how they do business to cater to changing expectations of Gen X, Boomers, Millennials, and Gen Z customers. The focus should be on personalised underwriting, value-added services for risk mitigation, and customer engagement through desired channels. This outside-in approach enhances insurers’ ability to cater to any generational group, asserting that customer loyalty is a two-way street.”
With a sharp rise in extreme weather events and natural disasters in 2022, the property insurance sector faces mounting challenges. High inflation, increasing claim costs, and overall insurance costs are impacting personal and commercial property insurance significantly. However, industry leaders are making quick and decisive moves to close customer expectation gaps, laying the groundwork for market leadership and growth.
These decisive moves include providing expanded and personalised products through enhanced underwriting processes, building risk resilience through new products and value-added services that respond proactively to risks, and extending market reach through new distribution channels.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
