1.New world, new customers, new solutions

In a new world with new customers expecting new solutions, how are insurers meeting new requirements?In an age of disruption, insurers clearly understand that their customer proposition needs to change and adapt to new demands in a digital era. Nearly half of the C-suite insurance executives we spoke to felt that changing customer needs would be the top challenge for the next three years.

The insurance sector is changing and this in part due to increasing and changing customer demands. This has led to the consumers being an important factor of growth within the industry.

There is now a new world that insurance firms need to compete in, from persistently low-interest rates to new technology in the insurance industry, as well as the threat of new entrants who are enabling lower operating costs, all of which have contributed to the need for new and more flexible ways of interacting with customers.

In chapter one we explore why insurers should be offering new products and solutions such as non-insurance products, ensuring friendly and knowledgeable staff are always on hand and finding new ways of working as ways to interact, attract and retain customers.

The three steps to new age success

It is clear that customer needs and expectations are changing – and they will continue to do so, possibly at an even more rapid pace. Those that view this as an opportunity to combine insurance and technology by providing new and innovative products, services and delivery channels will be the winners in what will be a different market in years to come.

We outline the three crucial steps that insurers need to take if they are to change with their customers. Read our chapter to find out more.