By grouping customers based on common personal and financial characteristics, current and future needs, and long-term goals, insurers can create personalized products and services that will drive revenue. (Photo: Worawut/Adobe Stock)
For insurance companies to provide a superior customer experience, they must fully understand who their customers are — what motivates them, what concerns them, their hopes, their expectations and their life situations. As PWC articulated: "the immediate challenge is how to keep pace with expectations that are largely being set outside their sector, while also competing to attract and retain customers and drive value across the product portfolio and over the lifetime of the customer."
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