Insurance products are often seen as commoditized and a 'grudge' purchase. Insurers have an opportunity to change this by developing propositions that incorporate customers’ wider experience. Are your propositions based on customer needs and do your customers reward you through greater loyalty, referrals and retention?
Many insurers are considering how they can reinvent themselves to be more relevant to their customers and society as a whole. Insight to customer needs can drive propositions based on key ‘moments of truth’ that yield the most influence on customer decision-making. The customer journey and experience plays a significant role in differentiating homogeneous insurance products and should be at the heart of the client processes.
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Insurers who put customers at the heart of their business are well positioned to outperform.