Nearly half of all respondents to the recent Duck Creek Technologies survey investigating the new standard in insurance identified new consumer preferences and behaviours as the leading trend they feel is impacting the global industry the most.
Meanwhile, the viability of technologies like artificial intelligence (AI), the Internet of Things (IOT), and Blockchain ranked second, with 31% of respondents choosing this option, and the emergence of new risks was the third most significant trend according to the global survey.
The fact that new consumer preferences and behaviours was ranked as the strongest trend speaks volumes and highlights how every customer interaction is a differentiator for a business.
Insurers are no stranger to this; ours is a people business after all. Increasing customer satisfaction and providing excellent customer journeys from policy inception through to renewal and, in the event of an incident, claims, is a clear priority for our industry.
It is critical for insurers to be able to engage with customers wherever and however they want to access their products and services, and to evolve as consumer behaviours change.
Realising data-driven personalisation is something that leading insurers are achieving by leveraging data to tailor experiences and decisions for all users involved in the insurance value chain.
Insurers can and should use data to guide internal processes and enhance existing relationships, leading to efficient operations and delightful customer experiences.
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