Today's customers expect insurers to treat them as individuals with personal services.
Revenue development insurers move from transaction relationships with their clients, where they focus on banknotes, payments, renewals, and messages. Instead, they move towards relationships where customers leave their personal information and receive personal customer experiences.
Previously, insurers have concentrated on product development, grouping people based on their age, lifestyle or financial status. However, this segmentation model based on simple demographics does not always provide strong predictions for how customers should behave, and in the current market it is not in the customer's expectations. Today, customers expect the insurers to adopt a "segment of a" model, where each customer is treated as an individual.
Five insurers offering personal services and relational relationships are:
] This French operator offers a program called YouDrive, which analyzes the drivers to offer reduced premiums to safer drivers . DriveBox, which is connected to the customer's car, uses a GPS chip and an accelerometer to record events such as forced acceleration, sudden braking, high speed laps, a pace adapted to traffic and distance tires. It then analyzes the customers' driving and adjusts their monthly insurance premiums by up to 50 percent based on safe driving behavior. Customers can see their driving results in a web interface or smartphone app, and they receive weekly email reports so they can track and change the run.
An insurance broker in India, Coverfox tracks the site usage to offer personal ads and auto-filling forms based on customers' previous data entries. When customers visit the Coverfox website to compare insurance premiums for their vehicles, they are asked to provide details such as vehicle model, registration number and registration year. If they leave the Coverfox website after looking at a quote, the company collects the data together with a picture of the vehicle, the insurer's logo and the premium to offer the customer personal ads on Facebook. By using an innovative "text on image" feature on Facebook News Feed ads, the company improves visibility and revocation. When the customer clicks on the ad, they are taken to a pre-filled proposal page so that they do not need to enter the data again.
This US health insurance company provides a concierge team of doctors and nurses that customers can call or notify. The Concierge team can help customers with accessibility issues. If they see the best doctor for anyone with their condition Finding high quality doctors who accept Oscar insurance and offering extended office hours. manage chronic conditions and prepare for procedures as well as health and well-being issues. In an emergency, there is one of the concierge team that can help with the patient's discharge and follow-up.
Insurance such as this US startup, which offers personal property upon request of property insurance, shows many commanders the way. Its smartphone app lets customers turn insurance coverage on or off for individual items at any time to keep premiums low. But the company also reduces premium rates as objects are depreciated in value. To make a claim, customers simply send a text message.
An American mobile insurance broker, Cover keeps customers famous about price declines for their premiums for car insurance, homeowners or tenants insurance, personal or commercial property, pets, jewelry and electronics. The company has developed technology that continuously monitors the market based on the customer's existing policy and notifies them when a lower price is identified.
In the current insurance market, customer expectations are not only based on what they see in the insurance industry, but on the broader retail sector. For insurers, this means that sending reminders or renewal messages is no longer sufficient. Customers expect insurance companies to care for their well-being and tailor-made experience based on them as individuals, except that they get adequate coverage at an affordable price.
In my next post, I look at opportunities for personalization over the value chain.