How Are Insurtech and Digitisation Reshaping Customer Expectations? Industry Responds26 Feb 2023 17:58
For 50-odd years, the way insurance has worked has remained the same. But in the last few years, catalysed by the pandemic, the rise of digital solutions and insurtech looks to break down historical insurance preconceptions have emerged.
Whether or not you agree that insurtechs and incumbents should live in harmony and work with one another, one thing remains certain: the emergence of insurtech and digitisation within the sector has impacted customer expectations. But how? And what is the best way a player in the sector can respond?
We reached out to the industry to hear their views...
...Dan Cicchetti, senior director, client engagement, insurance, LexisNexis Risk Solutions UK and Ireland, analysed how digitisation has enabled insurers to access any point in a customer’s insurance journey: “We are living in a world in which everything from the newest gadget to holidays are researched and booked online.
“Netflix knows our TV show and film preferences and Amazon can suggest the next book to download. Consumers want similar, personalised, no fuss, digital first experiences when they buy and claim on their insurance.
“It comes down to knowing more about the customer and the asset up front through data. Today, insurance providers could access it at any point in the insurance lifecycle. A 360-degree view of their customer based on every interaction they have previously had with them, enhanced with industry-contributed data on their policy history and granular claims history. They can also see their quote history and access details on the insured asset such as the car’s ADAS fitments or the perils risk to a property, all alongside public data.
“Connected devices also offer the potential for automation and engagement. Smart devices can already detect escape of water to help identify a problem before it becomes a huge loss. Take Leakbot from Ondo as an example.
“Data, advanced analytics and technology providers such as LexisNexis Risk Solutions help make innovation happen in insurance. We provide the insights so that insurance providers, new and established, can better understand their market and engage with customers more effectively to improve the customer journey, while better understanding the risk.”...
https://thefintechtimes.com/how-are-insurtech-and-digitisation-reshaping-customer-expectations-industry-responds/
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