Blockchain Ireland Week 2023
Is your insurance model future-proof? New technologies and changing customer preferences have highlighted the importance of a well-functioning, digital customer journey.
The traditional insurance model was built around personal connections and long-standing relationships between an advisor and each of their clients. In recent years, however, what people are expecting from their insurer has undergone a significant change. New technologies and changing customer preferences have made insurers rethink how to conduct their business. It is becoming more important than ever to understand the current landscape and how to benefit from it.
Societal trends are reshaping the insurance industry. The rise of digital technologies is transforming how consumers interact with insurers and, consequently, how the latter operates. This leads to increased automation, greater use of data and analytics, and the development of new products and services. The change in consumer behavior manifests itself in customer awareness. Consumers are becoming more aware of their insurance options, and they are looking for products that are tailored to their needs. They also expect more transparency and a better digital experience when it comes to buying and managing insurance. All the above leads to new players in the market, such as insurtechs, against whom traditional insurers need to compete on a digital level. Therefore, there is a strong need for an end-to-end digital customer journey.
With the release of the 2nd edition of the International Non-Life Insurance Digital Customer Journey Benchmark, we at Sia Partners have assessed 85 insurance companies within 7 countries. The methodology used for the benchmark is based on a simple scoring of 60+ criteria related to 5 key steps of the customer journey, covering both functionalities and User Experience (UX). The goal was to evaluate which insurer provides the best end-to-end frictionless digital customer journey. For this we looked for key topics such as accessibility, transparency, privacy, and flexibility. Besides that, an insurer gets a higher scorer when the process is smooth, mobile-friendly, and tailored to the customer.
The top 5 companies each come from a different country, which shows that the importance of digital maturity is widespread. Univé, Bowtie, Matmut, AXA and FWD are leading companies of the Netherlands, Hong Kong, France, Belgium, and Singapore, respectively. These players have scored highest in respect to their digital customer journey, including the information-gathering phase, a simulation, price quotation and online subscription, as well as claims management. It's worth noting that being a leader doesn’t mean that you’ll have the best app on the market. Very few insurance companies even propose a mobile application. More important is the availability of a fast and well-functioning web environment that is mobile-friendly.
There are 6 major key takeaways in becoming a Digital Leader:
Thanks to this benchmark, Sia Partners has an exhaustive view of the digital customer journey around the world, the trends at play within insurance, future outlook, customer expectations, among much more. Our customers highly appreciate the guidance in continuous improvements made to their journey. Sia Partners is a trusted partner that can provide end-to-end assistance.