Opportunities for insurers to improve customer engagement, drive better customer outcomes and deliver effective cross-selling.
A global Capco Insurance survey and report due to be published in the autumn explores a number of key themes.
(1) Hyper-personalization presents an opportunity to drive better products and customer outcomes.
Nearly three-quarters of people would share some form of personal data to get cheaper insurance premiums (72%), whether by using fitness and health tests (33%), home smart devices (32%), and wearable tech such as smartwatches (29%).
(2) Education is needed to increase consumer knowledge and engagement.
Over a third of respondents do not feel well informed about insurance and the products available today (37%).
(3) Cross-selling presents an opportunity to boost brand awareness, repeat business and improve retention levels.
Less than half of insurance customers surveyed (40% globally) have multiple policies with the same provider. In the UK, a very mature insurance market, this figure falls to 24%.
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