Customer expectations evolving, insurance adapting.

March 29, 2024
1 min read




How evolving customer expectations will change insurance

TLDR:

  • Customers now demand more than just protection from insurance companies.
  • Digital-first experiences, personalized services, and real-time updates are now the norm in the insurance sector.

As the landscape of the insurance industry undergoes a profound transformation, driven by technological advancements, shifting societal values, and evolving consumer preferences, incumbents are grappling with the imperative to redefine their approach to customer engagement. Today’s insurance customers demand more than just protection; they seek slick and efficient operations, that are personalized and tailored to their exact needs. Customers are widely gaining a preference for digital-first experiences. As e-commerce and mobile applications continue to proliferate, customers are increasingly anticipating the convenience of purchasing products and services from the comfort of their homes. This trend has extended to the insurance sector, where customers now anticipate the ability to buy policies online, conduct transactions through mobile apps, and stay updated in real-time about their policy statuses.

Now the expectation is that insurance firms will use data and analytics to deliver tailored services and products, along with personalized advice. Moreover, customers are demanding insurers to base decisions on an individual’s specific circumstances rather than solely relying on generic rules or averages. As the industry evolves to meet these changing customer expectations, it is crucial for incumbents to adapt and embrace new technologies and strategies to remain competitive in the market.

In a presentation as part of the Professional InsurTech Certificate, industry expert Sam White – Founder and Global CEO of Stella Insurance, highlighted that the insurance sector is lagging behind in matching customer expectations. White emphasized the need for businesses to keep pace with evolving customer preferences and deliver exceptional customer experiences to stay relevant in today’s shifting insurance landscape.

The Professional InsurTech Certificate course offers a comprehensive exploration of Insurance Technology (InsurTech) for professionals operating in the insurance industry. Covering topics such as the fundamentals of InsurTech, adoption strategies for insurance companies, data analytics, customer engagement, and emerging technologies like AI and ML, the course provides valuable insights for industry professionals looking to navigate the changing expectations of customers in the insurance sector.


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