The marketplace is shifting. And shifting quickly. Consumers are beginning to value experience and personalization ahead of product and price. The same holds true for the insurance industry. Today’s customers are looking for personalization in pricing, coverage, and interaction.
Consumers expect flexibility. They aren’t interested in paying for services they don’t want or use. Take a look at what’s happening to the cable industry. People are cutting the cord and opting to pay for monthly streaming services that are tailored to their viewing interest vs. paying for cable packages full of channels they don’t watch. That change is also happening in the insurance industry. One-size-fits-all coverage is going the way of the cable box and being replaced by insurtech and startup companies that offer personalized products and control.
Telematic devices in cars are giving drivers the ability to control their auto premiums by driving safely. Consumers are drawn to companies that offer gym membership reimbursements in exchange for wearing fitness trackers and using wellness apps. Customers utilizing smart home sensors and security features are rewarded with lower premiums on home insurance. Consumers are getting what they want and giving valuable behavior data.
This data is used by actuaries and underwriters to better asses risk. Instead of broad, representation data, the industry can now make risk assumptions based on real, individual customer data sets. It’s also opening the door to hyper-personalized service. Insurers can track preferences and life events and offer discounts or value-added services. They can also cross-sell and better retain customers.
Why should you consider personalization? In a 2017/2018 Future of Customer Experience (CX) study, 73% of U.S. consumers said the experience was a key factor in their purchasing decision. By 2020, experts say CX will be more important than price.
It’s time to get personal. Give us a call and let’s go beyond the numbers. Our Growth & Profit solutions are designed specifically to help companies focus on goals critical to their business.
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