Evolving Customer Preferences

With the insurance industry playing catch-up to deliver superior customer experience, there is still a window of opportunity for insurers to improve their digital agility to attract and retain customers as BigTechs are preparing to establish a presence in the insurance industry.

Playing Catch-Up with Other Industries

When assessed on cross-industry customer experience scores, the insurance industry is placed third behind retail (consumer products) and banking. Thus, while insurance is performing better than average, increased customer engagement efforts may lead to parity with front runners such as retail. Within financial services, too, insurance trails banking across various parameters (overall customer experience, customer satisfaction, and being proactive). Thus, insurers must adopt emerging technology quickly to leverage its customer-experience-enhancing benefits.

World Insurance Report 2018

The World Insurance Report 2018 from Capgemini and Efma highlights the need for insurers to enhance digital agility to deftly respond to market shifts and evolving customer expectations and stay ahead of BigTech competition. The report suggests a framework for a digitally-integrated ecosystem that will help insurers become future-ready. ‘WIR 2018’ is available online, now. Take a look…for in-depth forward-looking analysis and detailed industry assessment.

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