Overview
A case study by McKinsey predicted 5-15% increase in revenue and 10-30% increase in marketing-spend efficiency through personalized product recommendations. Another study reported that 78% of insurance executives believe personalized service based on real-time data analytics will be a crucial differentiator in the industry.
These numbers are driven by the two trends that characterize today's consumers - personalized services and instant gratification. Every customer is unique and expects service providers to understand and cater to their specific needs. They will prefer service providers who resolve issues and settle claims within hours. Insurers will benefit from developing attention to detail and taking actions based on predictive insights.
Let's explore why insurance companies globally must shift gears, and the technologies that will give them the greatest thrust.
Logical to be Technological - The need for personalization
Insurance is making a paradigm shift from 'indemnity' to 'wellbeing'. Buying an insurance policy is a long process, during which people compare the track record of companies and gauge the additional benefits, time taken to settle claims and quality of communications. Once they start their journey with an insurer, they expect a long-term and positive relation.
Making the best efforts possible to create personalized experiences for end users, along with end-to-end digital journeys, is a logical necessity for insurance companies. Here are factors that support this deduction:
Competition is increasing for insurers as regulations ease and markets open up.
Digital awareness and demand for omnichannel experiences is rising, and insurers can't shy away from technology.
Quality and speed of service are gaining relevance as critical differentiators.
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