Changing Customer Expectation in Insurance Industry

Abstract:

Billions of mobile phone users and trillions of connected devices are challenging the scenario of world market today. With an ever increasing digitally literate audience, the demands and expectations of customers are changing in every Industry and Insurance Industry is no exception to that.

Traditional Insurance channels are feeling the heat of new technologies which provide customers significant advancement and customised their way to deal with insurance needs. Online comparison of different insurer’s various products, Customer specific customised products, IoT, AI and Big Data are already disrupting the traditional Insurance Market.

With every other industry making a move it’s time for Insurers to pull their socks to meet the exponentially growing customer expectations to not only lead but also to survive in today’s extremely competitive market.

With time, customers’ demographics are changing and with them their expectations are changing too. Nearly half of the world’s population is comprised of generation x and millennials. They are more technology savvy and some are literally raised in a digital, media-saturated world. Most areas of their day-to-day life offers them easy access, seamless migration of information, user-centric approaches, etc. And they expect the same from the insurance vendors too – they expect access to information (policy information, claims management) through easy, fast, engaging and interactive portals. They expect smooth transition of information over multiple devices at any stage – with no need to feed same information again and again. Customers also do not expect to repeat their information every time they are transferred between departments.  

TP: 02 PN: 1314 VN: 01 YS: 18

Content Type: Executive Report ; Programme Type: Corporate Advisory Programme

No of Pages: 11

Applicable Verticals: Insurance

Applicable Regions: Global

Applicable Subjects: Digital Customer Experience, Digital Transformation, Omni Channel, Artificial Intelligence (AI), Internet of Things (IoT), Big Data, Millennials, InsurTech, Data Visualisation, Machine Learning, Smart Analytics

Programmes Covered: Global Digital Customer Experience Management & Platform Solutions Corporate Advisory Programmes

Table of Contents:

• Introduction
• What End-Users Want?
• Why has Insurance Customer Expectations changed significantly?
• What do the Insurers need to know?
• The Experience Dynamics
  • Technologies
  • Real time, more personalised, behavioural based offerings
  • Comparison sites
  • Customised & Omni channel experience
• The hype and the reality
• Conclusion

List of Figures:

• Figure 1: Customer Perception Analysis
• Figure 2: Projected population by generation
• Figure 3: Insurance service evolution and opportunity representation

List of Tables:

• Table 1: Evolving Customer Expectations