An analyst’s tips to insurers on meeting shifting customer expectations
Customer expectations and behavior are ever-changing. For insurers, the clientele now is dominated by Gen Y and Gen Z individuals who expect real-time, topline offerings at the click of the button. In this Analyst Connect piece, analyst Patrick Van Brussel gives insights as to how the current challenges on the customer expectations front can be tackled. Van Brussel is a research director in the European Financial Insights team and leads the IDC Worldwide Insurance Digital Transformation Strategies advisory service.
Excerpts from the interview on customer behaviors and challenges:
- Digital natives will communicate through multiple channels at the same time and expect real-time flow of the information shared within the organization-Customers today expect frequently updated and upgraded, on-demand, pay-per-use, behavior-based products and services. Meeting such expectations requires a dynamic 360-degree customer view based on advanced analytics allowing for real-time optimization and personalization of all customer journeys
- The shift in customer behavior has been dramatically accelerated by the two-year-old pandemic, in particular, other (older) consumers have come to appreciate the benefits generated by the use of the new technologies
- Mobile technologies and connected devices (IoT) allow insurers to develop frequent and positive interactions that will be valued by their customers, such as providing 24 x 7 tailor-made advice about risks