To gain the competitive edge, in the insurance industry you need to deliver an outstanding customer experience.
The insurance industry has seen a lot of changes in recent years, and the need to have that competitive edge is greater than ever. A combination of factors at a time when regulation is tightening has made competition between insurance providers fiercer than ever, putting pressure and focus onto your headline premiums.
Customer expectations are higher than ever, too. This, coupled with the rise in competition, has led to power shifting from the suppliers to the consumer. Insurance providers now need to move away from traditional business models, shape insurance products into more than just a commodity service, and deliver a customer experience that goes above and beyond expectations.
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The recent fiscal crisis has led to a number of broad regulatory reforms, aimed at improving risk management and solvency. More demanding regulation within the market, together with rating and compliance agencies, mean insurance firms have to perform in a much more agile way to meet new, tougher and more complex requirements.
Embracing new innovations
It's vital for insurance firms to not simply react to changes in the market, but to lead the way, using new and innovative products to shape their offers, services and customer interactions. Mobile, contextual and behavioural-based services are emerging, re-engaging consumers with what has been considered as a largely traditional industry until now.
Insurance firms are now evolving, moving away from a price-driven model to newer ways of working and a more engaged relationship with their customers. The macro-economic trend of digitisation is almost as dated as the traditional, transactional customer relationship, so you need to look towards online, social and media channels for better customer interactions.