Customer-Centricity: Insurers' New Key to Success

By Insurance CIO Outlook | Thursday, July 04, 2019

Customer CentricitConsumer-centric transaction methods are driving the life insurance sector towards development with innovative technologies.

FREMONT, CA: The millennial insurers are moving towards tailoring more customer-centric solutions to transform their marketing capacities for client relationships. At every touchpoint, the notion of data-driven, extremely adjustable messaging needs new inner competencies and organizational design.   

The notion of "customer centricity" has been adopted by insurers of all sizes over the previous years, driven by the need for more profitable growth. Many insurers began with client information, with a single perspective of the multi-year attempts of client initiatives to generate a unified view of each client. Some have moved beyond the fundamental website redesign and information projects that often signal the start of the "new customer journey" design to create innovative client appeal, reach, and retention facilities.

We are currently seeing enhanced investment in mobile technology, ranging from self-service applications to immediate policy renewals via SMS to real-time intermediary selling instruments via mobile devices. New kinds of agency spaces have also been investing to reach client segments such as millennials. The push towards customer centricity is the pace of consumer acceptance of new gadgets, their desire to share private data in return for something of value, and the ubiquitous connectivity that fuels consumer appetite for "right here, right now."

Some insurers around the world are presently investigating how client expectations can be met. They experiment with small projects so that they can be put on the market first. Finally, insurers will need to place themselves in a progressively digital and connected life to cater rapidly to altering client expectations.

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