Non-life insurers are struggling to engage with customers. Cover has become increasingly commoditised and decisions over its purchase are almost entirely driven by price as many customers fail to understand or underestimate its value. Customers have access to more information than ever before, using social media and price comparison sites to compare policies, prices and claims’ experience.

At the same time, customers want insurers to offer them the simplicity and accessibility they’ve become accustomed to in other sectors. They want quotes and prices when they want via the platform they choose, access to help when they need it and to only interact when renewing or making a claim. They will happily change insurer on a regular basis and have little desire to forge a lasting relationship. Where customers are looking at value rather than just price, they want policies tailored to their requirements and to be only paying for what they need.

Yet, few non-life insurers are able to meet these demands. Their focus on risk, ratings and products means that their understanding of their customers lags behind the advanced techniques being developed by internet and telecommunications’ businesses. Comparisons with other sectors highlight a customer experience that is undermined by limited integration between channels and the lengthy form filling needed for claims, policy adjustments and other ‘moments that matter’. These shortcomings are opening the door to more customer-centric competitors, including the data-rich and tech-enabled entrants who see non-life insurance as a vulnerable sector that is ripe for targeting.

Disruptor and driver

Digital innovation has been the catalyst for this customer revolution, but it can also offer the opportunity to develop the sharper customer engagement, insight and experience needed to meet these more exacting demands. Most insurers are still primarily focused on e-commerce – doing what they do already – but, digitally. The leaders are developing deeper, more personal and longer lasting relationships by using their digital capabilities to gain an enhanced knowledge of their customers (e.g. through sensor technologies) and harnessing that information to profile customers more effectively, fine-tune underwriting and deliver customised solutions. The competitive benefits include being able to move away from simply competing on price, while more effectively controlling risks and matching the experience being offered by the entrants targeting their sector.

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