High-quality customer service is still important in growing and retaining the customer base but relying on human insight is no longer enough to attract and keep the modern insurance customer. Today's front-line staff should be supported by machine intelligence, which elevates their skills and experience to do new kinds of work in new ways and ultimately deliver better customer outcomes. To rebuild trust and retain customers, it's clear that insurers must take a customer-centric and data-driven approach to better understand their needs.
Getting in touch with changing mindsets
What will a customer-centric and data-driven approach look like? In simple terms, it will be one that enables UK insurers to get in touch with their customers’ changing mindsets.
This means going beyond traditional methods of segmenting the market and identifying the real factors that lie behind customer loyalty. It may also mean adopting new business models that can tap into previously unexploited sources of revenue. And it almost certainly means making changes in response to the disruptive forces that are appearing across the UK insurance landscape.
Follow our path to value to realise the opportunity
The opportunity is simply too big to ignore. To realise it, UK insurers need to follow a rapid path to value using data and analytics, coupled with human insight techniques, to create and deliver hyper-personalised experiences that will increase customer retention and growth.
The three steps in the path to value