DIGITAL STRATEGY
30 automated processes mean that insurance can be bought in seconds and claims can be processed in minutes . Keen to throw off perceptions that insurance is dull , complicated or unnecessary , startups are proving through better customer service that this is no longer the case .
The question of whether customercentricity and technology have equal or disparate value can be polarising . Wells is emphatic that focusing on customers is unequivocally more important , “ If you don ’ t nail customer-centricity and provide the expectations your customers expect , you risk losing them . A recent PwC survey revealed that nearly 75 % of consumers stated they would happily pay more for a product or service if their experience was exceptional . On the flip side of that coin , 26 % stated that they would shop around for better deals or more personalised services .” The lesson here is that profits and good customer service are intrinsically linked . This is an elementary but nonetheless valid evaluation , but does that necessarily mean that insurance should prioritise its development over technology ?
Ward contends that this is not the case , “ I ’ d argue that the two are inseparable . Technology exists to make our lives easier , so , by extension , customers have to be the centre of technology . It has to measurably benefit them and anticipate their needs .” Garth adds more nuance by stating that a generation change is fundamentally at the heart of the matter . “ In insurance , as with many other industries , these changes are rapidly being embraced , with digitalnative generations leading the way , including Millennials and Generation Z . The viability of the insurance industry is vitally connected to the
NOVEMBER 2020