When it comes to customers switching their insurance providers, lack of personalized services is second only to price as a reason for changing. What’s more, over a third of the 6,000 insurance policyholders we surveyed say they’d be willing to pay more for such services. Perhaps most compelling of all, 78 percent of customers say they would share personal information with their insurers to obtain personalized services.
To be customer-relevant, insurers will have to develop the ability to share customer preferences, interactions and other customer data across channels. They will also need to be able to predict customer behavior and use those predictions to personalize interactions at any point in time and in any channel.
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