Customer-centricity is a new approach to business insurance that prioritizes meeting the needs and expectations of customers. In the insurance industry, this means providing tailored products and services, improving communication and listening to feedback, and delivering value that exceeds expectations. While the insurance industry is often seen as traditional and slow-moving, insurers need to adapt to new technologies to stay competitive and meet changing customer demands.

By embracing a customer-centric approach, insurers can improve service quality, increase sales, and build long-term relationships with policyholders. This means using open data to drive product and service improvements, and making sure that clients feel heard and valued at every touchpoint. Ultimately, insurers who prioritize customer-centricity can win over new clients and retain current ones, driving growth and profitability in the SME market.

There are two main factors that are essential for improving customer relationships: data and technology.

• Data analytics: These technologies can be used to improve customer experience, increase customer satisfaction, and reduce customer churn by providing personalized offerings that meet their specific needs.

• Blockchain (Technology): This technology can be used for identity management and fraud detection, helping to protect both customers and insurers.
• Artificial Intelligence: AI can be used to automate tasks such as underwriting and claims handling, improving efficiency and reducing costs for insurers.

Sometimes, convincing management to invest in new technology becomes a challenge. It’s not easy to make see management that they need investment in IT infrastructure particularly if they believe their current systems work fine.

This is where we come in: we can help you build a solid business case for investing in new technology by demonstrating how it can improve your bottom line and increase productivity. The key is understanding the ROI and showing how new tech can lead to increased revenue, reduced costs, and improved customer satisfaction.

Customer-centric insurance personalizes insurance policies and pricing based on customer behavior and preferences, which leads to better customer service, lower costs, and an improved claims experience:

• Better customer service: Customers are engaged in the process of purchasing insurance and feel more ownership of their policies. They also feel more confident in their protection because they understand how it works, what they can do if there is a claim, and how much they are paying for it.

• Lower costs: Since customers are buying different coverages at different times in their lives, it is possible to create a more efficient pricing structure that lowers overall costs for everyone involved. This also makes it easier for customers to compare prices between providers and find the best deals based on their needs.

• Improved claims experience: With more control over their policies, customers have more ability to solve problems without having to call an agent or adjuster. This reduces call volume for agents and adjusters and increases satisfaction for both parties by removing time-consuming steps from the claims process.