Customer centricity is the wave of the future for property & casualty insurance, but many carriers have yet to catch up with their competition. In this version of Virtual Viewpoint, we ask Denise Garth, the executive vice president of strategic marketing and industry relations, and global head of market strategy for Innovation Group North America, whether insurers have become customer centric and what steps they need to accomplish to move in that direction.
Garth: For businesses, it all comes down to one thing…satisfied customers. Without them, it's time to shut the doors. But, today's customers are harder to connect with, predict, and serve effectively. They are on the phone, online, and ready for action. But, are insurers?
In many respects, the answer is no, but insurers are beginning to embrace and develop additional accessibility options, product customization, new distribution channels and service differentiators as part of the path to true customer-centricity. While the insurance industry often lives up to its reputation as being slow to adopt new technologies and virtually incapable of innovation, the bottom line is that today's customers want “it” and insurers must adapt and respond rapidly or face the consequences.
Some insurers have sprung into action and, somewhat surprisingly, spawned waves of new technology capabilities. You can witness this today through the incorporation of customer experience capabilities, including mobile and social, into basic insurance processes and transactions. Smart insurers are preparing themselves for the future by developing and enhancing agent and direct-to-consumer portals, ramping up cutting edge mobile capabilities, and integrating advanced analytics with core policy and claims administration systems for a 360 degree view of the customer.
Many recent industry studies show that attracting and retaining customers is either the number one or number two priority for insurers. With an increasingly competitive marketplace, growing channels, new market entrants and the impact of increasing catastrophes, customer demand and expectations of superior service is escalating rapidly, and it is up to you to meet those needs. In a 24×7, on-demand world, the old ways don't work and don't satisfy customer needs. Keep in mind, if you don't serve your customers, someone else will.
Highlighting this fact, recent Forrester research puts it this way, “Emerging technology changes how insurers are engaging with customers. T-Mobile has changed the way we envision an insurance company. This means that initiatives to deliver sales and customer service business capabilities must be mobilized.”
That said, the advantages of focusing on the customer using technologies like mobile, social, analytics and more make insurers more customer-centric, and truly future-ready, which cannot and should not be ignored.
Garth can be reached for further comment or information via email at [email protected].
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