As general insurers continue to look for new business models, customer experience is rising up the agenda. Now the focus must shift to improving key attributes.
“People often lose sight of what insurance does for them and, therefore, insurers need to consider how they influence their customers’ perception of value,” noted Gary Reader, KPMG’s Global Head of Insurance. “For instance, some insurers are now focusing on loss prevention in addition to paying out when a loss occurs. Helping customers secure their belongings ahead of an impending storm is a good example. As a result, customer value is felt beyond the relatively small group that ultimately makes a claim. A wider community emerges to see their insurers as a ‘force for good’ as opposed to a grudge purchase that only provides a safety net when things go wrong."
Insurers who put customers at the heart of their business are well positioned to outperform.