The insurance industry is rapidly shifting towards personalized insurance, moving away from traditional methods to offer more customized options. New customers prefer solutions that are tailored to their specific needs and are willing to share their data for personalized products and pricing. A recent research by Accenture reveals that 95% of new consumers are open to personalized insurance, showing a clear preference for products that feel custommade and valuable.
Existing customers at Ageas Federal Life Insurance highly value personalized interactions that enhance their experience and boost loyalty. They appreciate ongoing communication, real-time updates, and personalized assistance throughout their insurance journey. Lalitha Bhatia, COO at Ageas Federal Life Insurance, adds: "Open insurance is crucial in helping customers make informed decisions with customized risk assessments, leading to greater satisfaction and confidence. Overall, personalized insurance effectively meets the diverse needs of its clients by offering tailored support and protection. This approach not only cultivates loyalty but also establishes trust in insurers, which is crucial in today's digital economy."
PERSONALIZED INTERACTIONS
The most effective personalization in insurance involves tailoring solutions to each customer's unique needs. This includes creating personalized insurance plans, pricing, and targeted marketing using detailed personal information. Insurers use advanced data analytics, artificial intelligence, and automation to understand client preferences and behaviors, providing a personalized experience that makes customers feel valued.
This story is from the August 2024 edition of Banking Frontiers.
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This story is from the August 2024 edition of Banking Frontiers.
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