The insurance industry is at an inflection point between “operating in a product-orientated marketplace and operating in a customer-orientated marketplace.”
That’s according to new research from Ovum, a global analyst firm.
Ovum says that growing customer empowerment, the increasing ubiquity of mobile capabilities and minimal economic growth in developed countries are making it imperative for insurers to embrace customer-centricity.
In 2014, insurers will have to support real-time commercial interactions not only with customers, but also with prospects and sales channels. Insurance sales channels will expect insurers to provide them with the capabilities to create market awareness, generate business and service clients. As customers are increasingly equipped with more advanced smart devices and apps, they are exerting greater influence in their interactions with insurers.
“The old saying that the ‘customer is king’ has never been more apparent in the insurance industry,” says Barry Rabkin, principal analyst of Insurance Technology at Ovum. “However, to improve the level of customer focus, insurers’ legacy IT systems will need modernising. Insurers need to integrate systems of record, such as core administration systems, with systems of engagement, such as customer channels.”
To learn more, check out Ovum’s “2014 Trends to Watch: Insurance” here.
