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Posted by Ellen Carney on April 23, 2014
Once upon a time, insurers sat in the power seat when it came to their interactions with policyholders. The insurers understood the magic behind how insurance was sold, how premiums were calculated, and how claims were adjudicated. Those days are gone. In the Age Of The Customer, consumers are changing the rules and who wield the power. Thanks to all things digital, consumers have shifted from being passive sideliners and are willing — and able — to play more active and demanding roles across the insurance business. That means that digital must now be a core underpinning of an insurer’s customer experience philosophy, not an endpoint.
Just what are the factors propelling North American insurer agendas this year? For starters, it’s about:
It’s now dawning on insurance organizations that, in the Age Of The Customer, they’ve opened themselves up to the risk of digital disruption. They’ve lagged in delivering the kinds of digital experiences that customers are now expecting and will soon be demanding. And now, they’re threatened by an ecosystem of adjacent players like car manufacturers, utility companies, telecom firms, and sensor and wearables manufacturers, whose utility and access to consumer data has placed them dangerously close to the core of insurance. In this race for consumer mind and wallet share, insurance carriers must pick up their digital pace.
Check out our new report, “Trends 2014: North American Digital Insurance” to read more about the five customer actions that insurers have to take this year.