Customers can easily compare insurance products based on price. However, what really makes the difference in the customer experience is the service insurers provide. Insurers that are able to deliver great service experiences quickly stand out in a crowded market.
Customers’ insurance lifecycle is intimately tied to their stage in life. Insurers have deep knowledge about the needs of students moving from home for the first time, what a new family needs, and what’s relevant to someone who approaches retirement. However, much of this knowledge is primarily used to develop even more products.
Insurers could enjoy real growth if they share more knowledge with customers at the right place and time. Those insurers that focus on delivering services stand a great chance of being relevant to their customers