The insurance industry has oftentimes been known for being passive, sluggish and somewhat complicated. As one of the largest global industries, generating more than USD $5 trillion in annual revenue, it plays a critical role in today’s economies.1
The COVID-19 pandemic set an unprecedented situation for insurance companies, and they moved quickly to serve those in need by offering financial protection and risk mitigation to individuals, small businesses, large corporations, nonprofit organizations and governments.
Insurance companies are just scratching the surface of the cataclysmic shift that’s already underway regarding innovation and digital engagement. For example, property and casualty (P&C) insurers have been pushed out of their comfort zone to lean on digital avenues and technology to create touchless claim processes, including mobile claim centers using aerial imagery systems and virtual tools to assess damages. Life insurance providers adopted an online application option for disability insurance products. They also innovated the life insurance underwriting process with the use of digital health records.
As a result of insurance companies meeting consumers’ needs in record time and with such innovation during the pandemic, consumer expectations have increased. People are seeking protection and being more proactive in contacting their insurance companies. This change in consumer behavior is making customer experience (CX) more important than ever.
It’s indeed a time of disruption for the industry, and you have an opportunity to maximize a modern CX and create lifelong consumer value.
1 - McKinsey and Company, “State of property and casualty insurance,” mckinsey.com.