As my previous blog posts have argued, the race to achieve growth through customer-centricity in the digital era is well underway. So who is the new insurance customer and what does he expect from an insurance provider?
The new insurance customer is better informed and more demanding, may belong to consumer groups, and may have different requirements and expectations, depending on products and circumstances. And he is more likely to switch providers than ever when unhappy with the service he is receiving or if he simply finds a better deal.
Figure 1. The new insurance customer.
The traditional insurance customer has been joined by the digitally-oriented, multi-channel and 24/7 connected customer. Sometimes they are two different types of customer; in many instances they are the same person in different spatial and temporal contexts.
The new insurance customers have 10 major demands. To an ever-increasing degree, they expect their insurer to:
- Be at least as digital as they are.
- Recognize them, always and across all channels (and not as mere policy numbers).
- Listen to them and remember what they say (to take it into account in any subsequent interactions or relationships, as appropriate).
- Be there to support and help them when they need it, 24/7.
- Engage with them with the frequency of interaction they consider appropriate, through the channels they prefer, and in ways which are tuned to their personality and the specific situation.
- Make the interactions easy, consistent, convenient and enjoyable across all channels.
- Empower them and let them be in control, and be able to satisfy their needs when, where, and how they like.
- Offer them relevant products and services with transparent and convenient pricing structures.
- Develop customized solutions which reflect their inputs and requirements, preferences, circumstances and previous interactions, at prices and conditions which are right for them.
- Recognize and reward their loyalty.
This has brought the insurance C-suite to a crossroads of potential crisis and opportunity. More about that in my next post.
To learn more, download this report: The Customer-centric Insurer in the Digital Era