Capgemini released its “World Insurance Report 2020” just a couple of days ago. The experts have been exploring insurer-customer relationships, market dynamics and business models more than a decade: this 13th edition of also focuses on global, cross-generational digital adoption, as well as the impact of pandemic.
Almost everyone is digital
Digital adoption is no longer a function of age but is now mainstream across generations. Moreover, prolonged coronavirus lockdowns are forcing universal learning and extensive use of digital channels for day-to-day transactions.
Two overarching factors define customer behavior when it comes to buying insurance – social media and shopping preferences.
There is a new trust equation: today’s customers trust online research and social media testimonials from friends over broker/agent advice and feel prepared to make independent policy purchase decisions. Also, customers are increasingly willing to buy insurance from non-traditional firms such as Big Techs or product manufacturers.
Hyper-personalized, experience-led engagement is critical
To effectively engage with today’s knowledge-empowered policyholders, insurers must prioritize:
- the right products that suit evolving needs and preferences across the customer lifecycle,
- timely communication when customers are likely to perceive insurance to be valuable; predict customers’ life situations and offer coverage when they need it most,
- the right channels that customer prefer and access most.
In such a context, do insurers offer experience-lead engagement based on what customers want?
Super-charged, real-time data can fuel insurer lift off
Real-time customer data is packed with valuable details to help insurers gain actionable insights into policyholders preferences that can propel engagement to the next level.
Based on customer data, insurers can revisit their portfolios with a keen eye on products that accommodate customers’ current needs and high demand for usage-based insurance.
Meaningful data mined from all policyholder touchpoints can help firms map the customer journey to enhance offerings and promotional timing.
A hybrid blend of digital and emotional connection offers a balanced approach to personalized engagement.
To read the full report, click HERE.
Publié le 02 juin 2020