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.
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 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, a post-COVID-19 outlook, and assessments of how insurers are using innovation and digital technology to adapt to changing insurance needs. customers, deepen existing relationships and further increase consumer engagement.
Infographic: Four key areas for the insurance of the future
In addition, 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:
- Impart insurance knowledge (for transparency and customer engagement),
- hyper customization (for better customer experiences for individual customer segments),
- cross selling (to increase brand awareness, repeat business and customer loyalty),
- digitization (to meet customer needs for differentiated, value-added online tools and services).
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