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UK life & pensions: Winning the race for relevance with insurance customers

Our survey points to a new marketplace shaped by changing consumer behavior and increasing disengagement between customers and providers.

Life & pensions (L&P) providers face one of the greatest challenges they have ever encountered: a new marketplace shaped by changing consumer behavior and increasing disengagement between customers and providers. L&P providers that fail to address this situation risk being pushed further into the role of a financial utility. So, what’s a provider to do?

We interviewed almost 3,000 L&P customers in the United Kingdom to better understand their views, experiences and behaviors when it comes to L&P products and providers. Their responses point to three priority areas for insurers. In this report, we not only share what those areas are, but we also break down the survey findings and look at how providers can differentiate themselves going forward. Those providers that develop strategies for success today, have an exciting opportunity to capture market share and increase customer value in the future.

 

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