Fulfilling your duty of care to insurance customers

Through customer experience innovation, insurance reputation can improve, customer trust can be built, and a more stable future for the industry ensured

The success or failure of any insurance product is founded on the perception of its value. If insurance is perceived as a costly outgoing that rarely reaps any benefit, for example, customers will ask themselves, do I really need it?

This is evident in times of economic difficulty, as individuals are driven to cut out any purchases they feel are non-essential, and is a trend currently hitting the world of insurance.

Reputation can also hold the key to a positive attitude towards insurance. Unfortunately, Covid-related incidents and outdated payout systems in the midst of a tough economic climate have led to stressed claimants who may no longer see insurance firms as positively as they once did. To turn this around, insurers have a responsibility to build their reputation as an industry of care and value, not as an unnecessary expense.

Through innovative product offerings and improved purchasing journeys, insurers can help re-establish insurance as an unequivocal requirement. To do so, they must understand that the future of insurance is happening now, and address the changing expectations of customers by ensuring their business is relevant and compliant. This has become the main driving force behind all insurance-related tech investments.

Unlock the power of good customer relations

Meeting customer expectations and fulfilling their needs are one area where insurance technology developments can help. Insurers now have access to an abundance of tools to support them in improving their customer relationships, and they go beyond solving the obvious pain points. New ecosystems, open running environments and the use of AI and big data are helping insurers create value, deliver on personalisation and build trust by adopting a predict-to-protect methodology.