While generational change is still buffeting the insurance industry, many insurers are becoming more comfortable with new technologies and changing from product-focused to customer-centric organizations.
Insurance companies face significant global headwinds in 2020 with the global health crisis swirling. In the backdrop insurers are according to PWC, feeling the challenges moving away from being product-focused organizations with siloed functions and having to cope with forces from outside the industry that are profoundly shaping and influencing customer expectations.
This has resulted in customers expecting a much faster, transparent, and more intuitive experience than they’ve ever had before. Not only has this resulted in a different customer mindset, it also means that every level of the marketing and sales funnel has the opportunity for – and the challenge of – a much higher level of engagement.
- Improving customer experience with data analytics
- Gaining insights from experience design
- Seeking expense efficiencies and variabilities of costs
- Managing conduct risk and regulatory headwinds
- Climate and macroeconomic risk
- Being smarter with Marketing Efforts
- Growing Insured share of wallet and book value
- Managing culture and compliance