Improving customer-centricity is top of mind for insurers. (ALM Media archives)
Emerging data sources and advanced analytics have swiftly become new frontiers for modernizing insurance company operations and customer experiences. Insurers are planning for the future by improving customer experience and transforming claims management, which is expected to more heavily influence pricing, customer selection and product design.
Insurance innovation also has wider applications, from customer behavior modification to claims triage and loss control. "Insurers are striving to replicate the more rapid and personalized user experience implemented by retail and other online environments and apps that have raised consumers' expectations," says Willis Towers Watson Director Ben Williams. "There's ambition out there and interest to improve claims management, customer service and pricing accuracy."
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