Home > Resources > Articles > INSURERS NEED TO TAKE A FRESH LOOK AT THEIR CUSTOMERS

INSURERS NEED TO TAKE A FRESH LOOK AT THEIR CUSTOMERS

JEAN-FRANÇOIS GASC | June 6, 2019 | 135 views

The rising popularity of highly-personalized connected insurance services is forcing carriers to overhaul their marketing strategies. They can no longer rely on traditional methods of customer analysis to identify the needs of their policyholders.Demographic studies focusing on the age, wealth or geographic location of consumers, for example, don’t provide insurers with the insight they need to forge deeper ties with customers. The lure of digital products and services cuts across such categories. New approaches are needed that recognize the habits and behaviors of customers in the digital economy.

Spotlight

Finity Consulting

Finity is Australia’s largest independent actuarial and analytics consulting firm. Powered by smart, results-orientated people with an unrivalled depth of industry experience, we can provide a unique perspective across a wide range of business challenges.

OTHER ARTICLES
AUTOMOBILE INSURANCE, INSURANCE TECHNOLOGY

How InsurTech-Insurance Partnership Delivers New Product Innovations

Article | December 19, 2022

In 2019, InsurTech funding reached $6 billion, acknowledging the pace that technology can bring to overcome the age-old Insurance problems, the State of AI in Insurance 2020 says. While Incumbents are known for their core competencies in end-to-end insurance processes (from underwriting to claims settlement and reinsurance), InsurTechs are enticing millennials with fully digital innovative products and solutions.

Read More
INSURANCE TECHNOLOGY

The role of AI in enhancing claims experience for Insurance customers

Article | August 9, 2022

Insurance customers are most vulnerable when they file a claim. Be it life or general insurance, claims are filed in distress. This is also a critical moment for Insurers. The claims experience they deliver determines customer loyalty, which also influences referral customers in the long run. In the Insurance industry, where products and pricing among the competitors are almost the same, customer experience becomes the main differentiator.

Read More
CLAIMS

5 Deep Learning Use Cases for the Insurance Industry

Article | July 15, 2022

In 2010, with the launch of the Image Net Competition, a vast dataset of about 14 million labeled images was made open-source to inspire the development of cutting-edge image classifiers. This was when Deep Learning technology got it’s a real breakthrough and since then there’s been no looking back for advancements in this field.

Read More

DOES YOUR INSURANCE COMPANY ACTUALLY NEED BLOCKCHAIN RIGHT NOW?

Article | February 10, 2020

Blockchain has great potential to create value for insurance organizations. But these are the three questions to ask before you make the investment. In my last post, I spoke about why teamwork is the key to unlocking blockchain’s true value. Today I want to talk about the key things to consider before pulling the trigger on investing in blockchain. Not because I want to deter you, but because it might not be the right solution for you at this time.

Read More
AUTOMOBILE INSURANCE, INSURANCE TECHNOLOGY

How the Blockchain is Revolutionizing the Auto Insurance Industry

Article | December 19, 2022

In 2019, InsurTech funding reached $6 billion, acknowledging the pace that technology can bring to overcome the age-old Insurance problems, the State of AI in Insurance 2020 says. While Incumbents are known for their core competencies in end-to-end insurance processes (from underwriting to claims settlement and reinsurance), InsurTechs are enticing millennials with fully digital innovative products and solutions.

Read More
INSURANCE TECHNOLOGY

3 Signs Your Policy Management Software is Not a Good Fit

Article | August 9, 2022

Insurance customers are most vulnerable when they file a claim. Be it life or general insurance, claims are filed in distress. This is also a critical moment for Insurers. The claims experience they deliver determines customer loyalty, which also influences referral customers in the long run. In the Insurance industry, where products and pricing among the competitors are almost the same, customer experience becomes the main differentiator.

Read More
CLAIMS

The Age of Sustainable Fixed-Income Investing Has Arrived

Article | July 15, 2022

In 2010, with the launch of the Image Net Competition, a vast dataset of about 14 million labeled images was made open-source to inspire the development of cutting-edge image classifiers. This was when Deep Learning technology got it’s a real breakthrough and since then there’s been no looking back for advancements in this field.

Read More

DOES YOUR INSURANCE COMPANY ACTUALLY NEED BLOCKCHAIN RIGHT NOW?

Article | February 10, 2020

Blockchain has great potential to create value for insurance organizations. But these are the three questions to ask before you make the investment. In my last post, I spoke about why teamwork is the key to unlocking blockchain’s true value. Today I want to talk about the key things to consider before pulling the trigger on investing in blockchain. Not because I want to deter you, but because it might not be the right solution for you at this time.

Read More
MORE ARTICLES

Spotlight

Finity Consulting

Finity is Australia’s largest independent actuarial and analytics consulting firm. Powered by smart, results-orientated people with an unrivalled depth of industry experience, we can provide a unique perspective across a wide range of business challenges.

Related News

ICA to host insurance consultations as Townsville recovery continues

insurancebusinessmag | July 08, 2019

The Insurance Council of Australia (ICA) will host one-on-one consultations as well as an insurance forum for policyholders impacted by the February monsoonal deluge that severely affected many parts of Townsville.

Read More

Insurtech growth in Canada opens up opportunities for insurers and brokers

insurancebusinessmag | July 08, 2019

Insurtech hackathons arent all fun and games. On the contrary, insurers in Canada are seeing a ton of value in taking part in these events and getting insight into ideas that participants are bringing to the table, which have the potential to bring benefits to the insurance industry.

Read More

Lloyd’s demands insurance policies be explicit about cyber coverage

insurancebusinessmag | July 05, 2019

It looks like silent cyber has become deafening for Lloyds of London, which is now requiring clarity of coverage for cyber exposures in all insurance policies.In a new market bulletin, Lloyds said it believes it is in the best interests of customers, brokers, and syndicates alike for all policies to be clear on whether losses caused by a cyber event are covered.

Read More

ICA to host insurance consultations as Townsville recovery continues

insurancebusinessmag | July 08, 2019

The Insurance Council of Australia (ICA) will host one-on-one consultations as well as an insurance forum for policyholders impacted by the February monsoonal deluge that severely affected many parts of Townsville.

Read More

Insurtech growth in Canada opens up opportunities for insurers and brokers

insurancebusinessmag | July 08, 2019

Insurtech hackathons arent all fun and games. On the contrary, insurers in Canada are seeing a ton of value in taking part in these events and getting insight into ideas that participants are bringing to the table, which have the potential to bring benefits to the insurance industry.

Read More

Lloyd’s demands insurance policies be explicit about cyber coverage

insurancebusinessmag | July 05, 2019

It looks like silent cyber has become deafening for Lloyds of London, which is now requiring clarity of coverage for cyber exposures in all insurance policies.In a new market bulletin, Lloyds said it believes it is in the best interests of customers, brokers, and syndicates alike for all policies to be clear on whether losses caused by a cyber event are covered.

Read More

Events