Insurance strategy - Insurance is a notably complex and competitive industry with organisations experiencing balance sheet, profit and loss, and operational pressures from multiple sources. With the business landscape, customer and regulatory requirements all becoming more complex and uncertain, the pressure to adapt and evolve is constant.
The insurance industry is at the heart of digital disruption and convergence. Leading insurers are broadening and diversifying their products and services as they align to meet the changing needs of their clients. This includes investing in customer-facing, cloud-based digital innovations and creating unexpected new ecosystems that serve a broad suite of customer needs. Insurance carriers are also reflecting on their role in society, forging sustainability initiatives and championing diversity in their leadership and agents.
Take action today for immediate impact and sustained advantage in the insurance market
The insurance industry is undergoing more upheaval than any other. Disruptors include changes in industry regulation, customer behavior, distribution channels, traditional and new competitors and core technologies of production and service.
- Can you quickly and decisively respond to important new challenges and opportunities?
- What will your markets look like, who will be your most important customers and competitors, and how are customer expectations likely to change?
- How can you get closer to customers and better understand their needs?
- Is your business nimble and innovative enough to compete with the mobile companies, internet providers and other new entrants that are making inroads into the market?
Below are few effective strategies to navigate through the digital insurance customer-engagement cycle.
1. Understand before you Engage
2. Create true consumer personas
3. Apply Intelligence in Customer Engagement
4. Market in the Digital World
5. Measure success
6. Finish off with a survey
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