What should the insurance of the future look like? The best way to find out is to ask your customers directly. One study has done just that and has identified four important fields of action.
There is no shortage of ideas for the insurance market of the future. Digital solutions optimize processes in the front and back end, digitization changes business models and offers opportunities for new products. But which paths should insurers take in order to remain relevant for customers in the future? Answers are provided by a study conducted by the management consultants Capco, in which almost 14,000 policyholders from 13 countries were asked about their preferences and wishes.
The study identified four areas of action for insurers.
Digitization: for a better online experience and more transparency
The wishes of customers are an encouragement for insurers to digitize their products and services. However, the results so far do not seem to be enough For example, according to the study, 57 percent of respondents want a better online experience from their insurer. The survey thus comes to a similar conclusion as the study by epam, which had identified a clear difference between customers' perceptions and companies’ own perceptions of their online offerings.
In this context, it is interesting to note that 66 percent of respondents said they would use an app from their insurer if, in addition to individual information, it offered additional transparency across all financial products, such as bank accounts and retirement plans. Accordingly, it seems that policyholders want more than just a contract manager and a way to buy a product.
And this strategy could also be successful in the insurance industry. Thirty-seven percent of the customers surveyed said they were not well-informed about insurance and current products. In 12 of the 13 countries, women in particular also feel that they lack sufficient information about insurance products. In this respect, the results of the survey coincide with the findings of the banking industry, where it is becoming increasingly apparent that women are a neglected target group. Banks are also launching their first verticals, with offerings tailored to women. So, insurers would do well to address financial literacy and to focus more on women.
Would you like to talk about the digitalization of insurance? Our expert, Karsten Schmitt, Head of Business Development at adesso insurance solutions, looks forward to hearing from you.
