How insurers can win customers one at a time – PWC
Article Synopsis :
Customers are undoubtedly one of insurers’ most valuable assets and in order to win in today’s challenging environment, insurers need to cultivate a customer-centric culture throughout the organisation.
In the Financial Services viewpoint report titled “Playing for keeps: How insurers can win customers, one at a time”, PWC explain how insurers need to evolve from being product and agent-centric to being customer-centric. The report highlights three obstacles that are making it difficult for insurance companies to implement customer-centric initiatives:
- Insurers know little about their end customers, because historically they viewed producers as their customers.
- A growing number of customers want to self-serve, but product and process complexity (unfamiliar language and too many product options) makes this difficult.
- Insurance carriers’ fragmented operating models lead to inconsistent customer experiences and they make it difficult for carriers to gain the complete view of customers that is needed to design tailored solutions.
The report also highlights the three dimensions of customer-centricity that are necessary to be successful in the ever intensifying competitive environment:
- Customer insights
- Customer experience
- Customer-centric operating model
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Digital Insurer's CommentsThe idea of customer centricity is not new to the industry, many insurers have been implementing customer centric initiatives for many years, yet many still struggle to deliver a good customer experience. Digital technology trends act as an enabler for insurers to become customer centric and insurers should consider how best to leverage technologies to transform the customer experience. Typical examples include using technology for:
- Data mining and customer segmentation
- Delivering customised experiences
- Integrating service channels
- Engaging customers in innovative ways
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