As the landscape of the insurance industry undergoes a profound transformation, driven by technological advancements, shifting societal values, and evolving consumer preferences, incumbents are grappling with the imperative to redefine their approach to customer engagement. Today’s insurance customers demand more than just protection; they seek slick and efficient operations, that are personalised and tailored to their exact needs.
Customers are widely gaining a preference for digital-first experiences. As e-commerce and mobile applications continue to proliferate, customers are increasingly anticipating the convenience of purchasing products and services from the comfort of their homes.
This trend has extended to the insurance sector, where customers now anticipate the ability to buy policies online, conduct transactions through mobile apps, and stay updated in real-time about their policy statuses.
Now the expectation is that to insurance firms will use data and analytics to deliver tailored services and products, along with personalised advice. Moreover, customers are demanding insurers to base decisions on an individual’s specific circumstances rather than solely relying on generic rules or averages.
As part of the Professional InsurTech Certificate, a host of industry experts weighed in on the changing tide of customer expectations, and how the industry is handling this additional pressure.
Sam White – Founder and Global CEO of Stella Insurance, explained that she felt that the insurance sector was lagging behind when it comes to matching the customer expectations.
She said, “I think, fundamentally as a society we’ve probably got lazier and lazier, and our expectations have got higher and higher. Businesses now have to keep pace with that. This is a world where customers are almost expecting businesses to read their mind and know exactly what they want, at any time. On top of this they want to require almost zero interaction.
“So, when I look at what I want to experience as a customer from an insurance perspective I have to say that I think we’re, we’re pretty far behind the curve in terms of customer experience, expectations, and, and customer centricity in terms of how we deliver products to people and how we engage with them.”
To listen to the whole presentation, enrol in the Professional InsurTech Certificate.
About the Professional InsurTech Certificate:
The Professional InsurTech Certificate course offers a comprehensive and practical exploration of Insurance Technology (InsurTech) for professionals operating in the insurance industry. With a focus on practical applications, the course covers vital topics including the fundamentals of InsurTech, adoption strategies for insurance companies, regulatory perspectives, data analytics, customer engagement, claims processing, risk assessment, and emerging technologies like AI and ML tailored specifically for the insurance sector.
Distinguished by its holistic approach to the InsurTech landscape, this course integrates real-world case studies with insights from leading InsurTech innovators and senior leaders from insurance companies.
You can enrol here
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
