Customers accustomed to aggregators like Google, Facebook and Spotify want the same experience from other businesses. How can insurance deliver?

Last week we began our discussion of the Fjord Trends 2015 study with a look at how leading businesses are closing the gap between devices and platforms—and between the digital and physical world—to improve the customer service experience. This week we will consider another Fjord meta trend.

Trend No. 2: Aggregation moves to services.

Aggregators like Google, Facebook and Spotify have increased customer expectations for ease of use and immediacy. This year, singularly focused companies will follow their lead and start branching into other parts of their customers’ lives—providing value in unexpected places and surprising ways.

This is particularly relevant for insurers who have already invested significantly in developing claims apps but have so far achieved a particularly low level of customer awareness and usage—only 11 percent of consumers globally have “heard of these apps and understand how they work and what the benefits are” (see our recent claims consumer survey results).

One key driver to achieve a greater level of awareness and usage is to identify consumer pain points and aggregate relevant insurance and non-insurance services to address these pains.

This is already happening in the broader financial services arena with services such as Tink, which aggregates and organizes all of a user’s financial services information. The Myinsurance company apps, and the Mon Axa and ALLIANZ mobile apps in France are prime examples of this trend in action, with the aggregation of most of the insurance services these carriers provide. Other examples of service aggregation approaches include The “Doctor in my pocket” virtual health service recently launched by AVIVA in partnership with Babylon in the United Kingdom, as well as the Discovery Vitality “Know your Health, Improve your Health, and Get Rewarded” service in South Africa.

The success of these programs clearly shows the potential of service aggregation for insurers. But the gold mine for insurers will certainly be when they are able to also aggregate services from their ecosystem of partners and connect insurance services into a customer friendly service offering.

To help insurers think about how to aggregate their offerings, Fjord suggests:

  • Taking insights from the far-reaching parts of the user journey and applying them to your current service. Seemingly dissociated moments may actually lead to delightful customer experiences. Imagine applying the end-to-end Uber experience to insurance,
  • Building an ecosystem comprised of relevant services through partnerships forged in technology and data, rather than creating a one-stop shop.
  • Finding distinct ways to merge, coordinate, reframe and reconfigure moments in the customer journey to help enhance the customer experience and differentiate your business.
Trends 2015: Trends impacting design & innovation
Read the report.

Next week I will discuss how technological advances are making the customer experience more personal than ever before.

For more information, download the full survey results of the Fjord Trends 2015 study.


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