Personalizing Insurance To Win Customer Hearts

The insurance space is becoming increasingly competitive due to tech-driven change and customer expectations for more personalized solutions. But it would be a mistake to assume that the implications of the digital age are just intended for Personal Lines. Watch this exclusive webinar to hear Strategy Meets Action (SMA) founder Deb Smallwood share her perspective on the nature of digital transformation in Commercial Lines. Watch now to learn about opportunities for insurers and MGAs to enhance technology capabilities and improve collaboration with agents.

The insurance industry has long worked under the assumption that cyber claims, or cyber incident response, should be led by a lawyer or IT specialist. While legal and IT services are essential components of cyber claims handling, and the cyber provider ecosystem, their expertise is necessary at the right time and not necessarily for every situation that transpires. Dedicated project management can help to streamline the cyber claims process.

Changing customer expectations and behaviors are forcing a shift to a multi-channel world, which is challenging insurers to provide channel options and choice across the entire value chain. Within this rapidly shifting business landscape, insurers must rethink their distribution strategy and execution, because improving distribution is critical to growth. Agents and advisors remain critical to the way insurers engage customers and sell their products and services, but how they do this needs to look much different than it did five years ago, or even one year ago. Insurers must set up multi-channel distribution options to enhance customer interactions on the cus­tomer’s terms … not the insurer’s. As a result, distribution channel strategies, including how to support the traditional agent/broker channel, are a focus for transformation in the age of Digital Insurance 2.0, and are foundational to an insurer’s ability to realize their growth and innovation strategies.

Paul Carroll Editor-in-Chief and Dr. Michel Leonard, CBE, head of the Triple-I’s Economics and Analytics Department, discuss the Triple-I’s latest Insurance Economics Outlook for Q4 2021 Soft Landing, Headwinds, and Rebound focusing on this year’s unusually wide range of growth and inflation forecasts and key performance indicators for the P&C industry in 2021.