In today’s fast-paced world of technology, retail giants are fueling consumer expectations for high-quality services on demand. These established players are building trust and loyalty by focusing on customer interaction, analytics, products and productivity. The future of financial services lies in following their lead – making financial well-being a reality for everyone, every day.
Insurers will play a significant role. They can fundamentally redefine the industry through dynamic and tailored digital offerings that improve the customer experience. This is not as simple as it sounds, since most people rarely interact with their insurer. Engagement is not something that consumers look forward to and many have little or no access to their own risk profile to check whether their coverage is appropriately suited to their needs.
A revolution in approaching relationships
For the insurer of the future, user experience will be paramount. The ability to build deep relationships by proactively altering the approach that people have toward risk will be a game-changer for the industry. Data, prompts and information will be offered in a frictionless way through the most user-friendly interface – enabling consumers to better assess their overall financial situation. This deeper understanding of risk will also open the door to millions of financially underserved individuals who will be connected and able to manage their risks proactively for the first time.
Greater knowledge of customer behavior will enable insurers to offer timely, relevant coverage based on individual needs that will support healthier and safer lifestyles. People will receive better value for their insurance, and spend less time recovering from loss events and more time living their dreams.