Library: Majesco Report: Enriching Customer Value, Digital Engagement, Financial Security and Loyalty by Rethinking Insurance
The Majesco report titled “Enriching Customer Value, Digital Engagement, Financial Security and Loyalty by Rethinking Insurance” discusses how insurers must adapt to changing customer expectations and behaviors to remain relevant. With younger, digitally-fluent generations who are now the dominant insurance buyers, insurers face pressing needs to update strategies.
- Younger generations have very different needs and expectations for insurance, wanting personalized pricing, broader coverage, and value-added services bundled with policies. Insurers not meeting these expectations risk losing relevance and loyalty.
- Interest is growing in voluntary benefits beyond traditional offerings, presenting opportunities for insurers to address broader financial wellness needs. However, older generations also see value here in targeted areas.
- Channel strategies must encompass both traditional and newer digital options to capture younger buyers where and how they want to purchase insurance. High-tech giants like Google and Amazon show strong customer loyalty and appeal.
- Auto insurance requires rethinking as a mobility solution encompassing usage-based options and partnerships in embedded insurance to deliver the convenience and value-adds younger buyers demand.
- Home/renters insurance lacks strong consumer uptake and sufficient coverage. Personalized pricing, smart home discounts, and resilience services can incentivize greater adoption.
Insurers must take a more holistic, customer-centric perspective encompassing tailored products, value-added services, and digital engagement across channels to enrich experiences and loyalty with evolving insurance buyers. Legacy ways of thinking handicap their ability to capture younger, digitally-fluent generations that now dominate the insurance market. Insurers that rethink insurance to align with generational shifts will gain advantage.
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