Way Forward

Technology can enable insurers to effectively control emerging risks by taking a more proactive role in customers’ risk management journey. The insurer of the future will be the one who acts as ‘Partner’ to customers, provides risk control consulting as a ‘Preventer’ and continues to be a ‘Payer’.

3P Model for Customer Engagement

As insurers battle emerging risks about which the full impact is often difficult to accurately quantify, traditional product design methods and customer interactions will no longer suffice. The rapidly-evolving risk landscape is driving insurers to assume a partner role to help customers understand their risks better while also taking on a preventer role to foresee and mitigate risks. The long-held payer role will remain relevant. The 3P customer engagement model revolves around greater participation in policyholders’ lives and will help keep high-performing insurance brands top of mind with consumers.

World Insurance Report 2019

As new risks are impacting the insurance landscape, the World Insurance Report 2019 from Capgemini and Efma explores the opportunity for insurers to develop new, technologically-advanced products to provide comprehensive risk coverage and better manage shifting customer expectations.

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