Today's insurance customers expect convenience along with high-touch, personalized service. (Photo: iStock)
"Disruption" has become one of the most commonly seen terms in the insurance industry. With market "disruptors" such as InsurTech startups looking to get their share of insurance profits, traditional insurers are looking for ways to "disrupt" back by reducing their customer churn, as it costs five times as much to attract a new customer than to retain one.
One popular way insurance companies are doing this is by adding new products and services to their more traditional offerings, in an effort to build out their product ecosystem. A recent study by Bain confirms this can be an effective approach, revealing that across all insurance company types, offering more services leads to higher customer loyalty — regardless of whether the customers actually use them or not.
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