Customers crave personalized offers and experiences from their providers. Digital insurers that truly know their customers as individuals, that create a continuous loop of interaction, and that maintain customer trust will be able to provide highly personalized and relevant insurance experiences across all channels.
They will also provide a stronger value proposition—one that includes not just indemnification but constant protection. This personalization of offers, messages, pricing and recommendations, along with increased frequency of contact, will be a decisive competitive differentiator in the digital age.
For today’s customers, everything is personal. But so far, Insurance companies aren’t picking up the hint.
Many are still struggling to know their customers’ habits and lifestyles.
Only 22 percent have launched personalized, real-time digital or mobile services
Contrast that with how willing customers are to share their personal information.
77 percent of insurance customers are willing to provide usage and behavior data in exchange for lower premiums, quicker claims settlement or coverage recommendations.
So what can Insurance companies do to close the gap? Key steps to move beyond transaction relationships can be found in the full report.
Jean-Francois GascEurope, Africa & Latin America