Customer centricity is the name of the insurance game now. Today's customers are expecting more from their insurers than ever before in terms of speed, convenience, and value across the customer lifecycle. Many insurers, and even more insurtechs, are catching on to this, developing apps and platforms that make it easier than ever for customers to communicate with their insurers. Despite these efforts, there's still a massive insurance gap in the U.S. and the industry maintains a largely distrustful reputation in the eyes of its customers. What gives?
It goes back to the basics. It's not only the channels through which insurers communicate with their customers that need an upgrade, it's the way they communicate. Confusing jargon and policies that lack clear value or any foundation for which to build a relationship with the customer leave room for a lack of understanding and trust. Some insurtechs are starting to figure this out and simplify the customer experience from top to bottom. Can insurers wade through their complex web of policies, technologies, and standardized messages to meet their customers on a human to human level?
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