Knowing your customer – An imperative for growth – PWC
Article Synopsis :
The growth of technology, coupled with easy access to smartphones, the internet and social media has nurtured a new breed of digital customers. The changing face of the ‘analogue’ customer has made it mandatory for insurers and intermediaries to pro-actively figure out the holistic needs and desires of such customers.
In the report titled “Knowing your customer – An imperative for growth”, PWC explains how successful carriers can effectively take advantage of transformational changes in customer behaviour by understanding and in turn addressing holistic, long-term and even multi-generational needs. As per the report, some of the key ways insurers can focus on customers holistic needs and extend their target markets are:
- Advanced analytics for better targeting and predictions
- Closed-loop consumer feedback processes to better understand their preferences
- Creating a compelling and convenient multichannel experience to strengthen consumer trust and relationships
- Providing producers with sophisticated productivity enhancing tools that help them meet changing consumer needs, drive more effective acquisition strategies, and further expand the depth and breadth of relationships with consumers
- Broadening the target market to address the needs of under-served demographics
- Focusing on holistic advice and needs-driven product design and supporting it with an integrated, high touch, high-tech selling strategy
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Digital Insurer's CommentsInformed customers are giving rise to new complexities in the way of doing business and are becoming more demanding. Successful insurers will have to transform their business model and fall in line as per customer preferences. Demographics, lifestyle changes and channel preferences will be the deciding factor. Overlooking these could be detrimental and a costly affair for insurers.
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