Infographic of the future of insurance

A current study outlines the trends, challenges and opportunities in the insurance market. Insights from thirteen key markets around the world shed light on the status quo. Insurers need to focus on four areas.

Current trends, studies and research on retail banking

Classical retail banking, that is, the business with the majority of private customers, is undergoing a profound process of change. Changes in customer behavior, intense competition, digitization and other factors are causing margins to tighten steadily and presenting banks and savings banks with new challenges. Studies on the latest trends and developments and how to react to them can be found on the bank’s blog.

New factors are coming to light in the insurance industry. Innovation is ubiquitous: digital assistants are competing with insurance brokers and agents for complex customer needs. Large traditional market entrants co-exist or partner with new players and other companies, including those from outside the industry. These are the results of a survey by the management consultancy firm Capco, for which almost 14,000 people from 13 countries, including Germany, were interviewed.

The study includes key trends, challenges and opportunities in today’s insurance market, insights from 13 key global markets, insights for the post-coronavirus period, and assessments of how insurers are adapting to changing customer needs, deepening existing relationships and that through innovation and digitization increases consumer engagement.

Infographic: Four key areas for the insurance of the future

Additionally, the study authors outline four areas that insurance companies should focus on in the future. An infographic shows the survey results and four key areas:

  1. Impart insurance knowledge (for transparency and customer engagement),
  2. hyper customization (for better customer experiences for individual customer segments),
  3. cross selling (to increase brand awareness, repeat business and customer loyalty),
  4. digitization (to meet customer needs for differentiated, value-added online tools and services).

Infographic: Four key areas for the insurance of the future

Four fundamental axes for the insurance of the future.

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