Just as each customer has unique needs and preferences, so does each insurer. As such, each insurer will need to carve its own journey to customer-centricity.
That journey will be driven by four main questions:
- Who is your customer? In addition to the end customer, this may also include intermediaries like banks, brokers and agencies. Identifying the customer is key to creating an appropriate distribution strategy.
- Who owns the customer relationship and the data within it? It is critical that each party gains from sharing information—that customer benefits outweigh the perceived costs and risks associated with sharing data.
- What is your channel strategy? Depending on the size of network, the level of agency interaction and other third-party involvement, insurers must understand their distribution channels and decide how they will relate to each other.
- Who is accountable for the customer within your organization? This can be a complex shift, and requires executive buy-in, champions at every level and rejigged KPIs to focus on metrics that enable customer-centricity.
Could insurers position themselves at the center of a holistic ecosystem of advice, access and value—where insurers are trusted partners, not just service providers? Achieving this vision requires a shift toward customer-centricity, and retooling business and operating models to focus on customer needs, rather than product specifications.
Register to download our PoV to learn actions that can lead insurers along the journey to customer-centricity.