"The voice of the customer: identifying disruptive opportunities in insurance distribution"
The Accenture Global Distribution & Marketing Consumer Study illustrates a shift in behaviors among 33,000 insurance customers surveyed across 18 markets.
These customers have distinct ways they want to interact with insurance providers throughout their consumer journey. New technology, enabling digital connectivity and cognitive computing, might help insurers push past indemnification into a deeper role with customers.
Read how 3 distinct groups emerge amongst today's insurance customers in the article on the Accenture Report.
Customer-centric experiences have not been a high priority for property and casualty (P&C) insurance companies. However, times have changed. The P&C insurance industry, along with many others, is undergoing a significant transformation due to changes in customer behavior and expectations.
As companies reexamine their customer strategies, the article by Ttech gives us an overview of an underutilized resource—the contact center—and tips on how to help associates better engage prospective policyholders.
What made it possible for Amazon to overwhelm its customers with an amazing buying experience? The answer is in predictive analytics, and mastery in collecting, storing and analysing customer information for real-time product recommendations.The questions for a typical insurance company would be, could I get the same access to Big Data to build a product recommendation system, or a customer relationship system? Are customers really seeking insurance suggestions to help them through their daily lives? Could I deliver an Amazon-like experience to customers? Read the answer to this question on Lexis Nexis.
"'Impatient' millennials want speed, tech, in insurance - but not necessarily apps"
Millennials, or Generation Y – broadly defined as those born between the early-1980s and the late 1990s – are considered ‘digital natives’: meaning they were born or brought up during the age of digital technology.
As a result, technology is a requirement for them when it comes to interacting with companies and service providers. And when it comes to insurance, they want an easy process and for claims to be settled – fast.
Read more on the specifics of the Millennial when it comes to insurance on Insurance Business Mag.
That's it for this week's Round Up. Hope you enjoyed reading it and look forward to next week.