Insurance companies has to a large degree left the customer contact with distribution partners like care dealers, bank assurance and brokers. Successfully, many insurers have executed a product strategy, where innovation happened from inside-out, and where managing risk was the clear purpose of the product development. The policy-centric point of view profited insurers for decades.
As a result of this behind-the-scene approach, customers have typically thought about insurance at only two points in time: When buying or making a claim. The rest of the time, their insurer remains largely out of sight – and out of mind. In a digital world, this has left a space to innovative competitors like aggregators and claims-handling portals to provide new value-adding services on top of their insurance products. Hence, innovative players have succeeded in bringing customer dialogue and thus creating loyalty towards their brands.
When insurers take the shift from a policy-centric way of working to a customer-centric approach, they will find a wealth of opportunities to connect with customers. They can among more offer advice on buying the right car based on the customers’ needs, how to renewable their home, and provide education for customers to take better decisions. This is the field to be explored for the future.
The shift to provide continuous value to customers is crucial, as the concept of core insurance has become fully commoditized. This leaves a market place for new players to enter by selling products where insurance is embedded, or other industries exploiting their customers’ engagement to sell insurance as well. Taking market share from traditional insurers.
Hence, insurers must become more relevant in the daily life of their customers. The digital insurance experience is based upon anticipating customer needs, developing products and associated services that encourage customers to engage, and about providing an ongoing set of branded experiences. Remarkable, the key to making this pivot is something insurers are already familiar with: data.
Do you want to know more about how to exploit data to become customer-centric? Join CSC’s Data Empowered Insurance Conference on November 17 in Copenhagen. Find the agenda and sign-up here: http://bit.ly/2dyPper
Liselotte Munk Poulsen is Industry General Manager at CSC’s Nordic insurance business. With more than 20 years of experience from working with the Insurance industry, Liselotte holds a solid track record and has built a solid performing insurance software company with a substantial consultant business. Through a holistic end-to-end perspective of the global insurance Industry, Liselotte enables her knowledge to provide value to the Nordic insurance industry. On daily basis Liselotte is driving CSC’s Nordic insurance business, leading a team with deep insight into P&C and L&P. The clear objective is to leverage global capabilities that for decades has been developed and utilized by more than 1,900 insurance companies worldwide into the Nordic region.