Changing preferences of the next generation of insurance customers demand fresh new thinking to the way the insurance industry distributes products and services.
Valued insurers are transforming how they do business, placing their customers at the heart of everything they do, from strategic decision-making, business and operational model design, to product development, service and delivery. A clear customer action plan is required.
In an environment where competition is becoming ever more intense, it will become increasingly important for insurers to:
In a digital world, the mass of information available to insurers is a valuable new asset. The Valued Insurer connects internal and external data to create value and gain competitive advantage. With greater customer insight, insurers can make more informed decisions about the design and delivery of propositions and services oriented around their customers.
As customer preferences for self- serve and advisory channels change, along with new regulations and technologies, opportunities arise for insurers to differentiate themselves. The Valued Insurer seeks to optimize its distribution channels, achieving the right mix for different customer segments, at the same time providing better customer experience.
As the insurance industry grapples with costly regulatory and capital requirements and challenging market conditions, insurers must chart ways to achieve profitable growth, manage volatility and communicate how they add value. The Valued Insurer employs strategic decision-making that balances near- and long-term priorities, while establishing meaningful goals and metrics that clearly connect strategy and performance for shareholders and communicate the volatility inherent in its results.
Regardless of industry, successful organizations are those with the agility to strategically and tactically outmaneuver competitors. Agile organizations are best placed to respond to and capitalize on opportunities and react to threats. Employees are the primary touch points to achieve this. The Valued Insurer gives its employees the right tools and mind-set to place customer needs at the heart of all business interactions.
Deeply engrained company cultures may need to be changed to create an environment of innovation and collaboration.
Digital technology is transforming the way insurers and intermediaries are conducting business today, and building strategies for future growth.
Insurers who put customers at the heart of their business are well positioned to outperform
© 2017 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.