Insurers need to ask themselves whether or not they treat their customers fairly, and with respect. Have they cultivated an open relationship with their customers? Are their products and services transparent? Are those products and services easy to understand, do they deliver as expected, and do they sufficiently address the needs of the customer? Do they offer advice that is suitable to the circumstances of the customer? Have they made is easy for the customer to claim, access their benefits, complain about problems or change providers if they so desire?
Insurers need to ask these questions, because the modern consumer certainly does.
In a low-growth market, where customer expectations remain high by global standards, smaller, newer insure-tech brands have, by-and-large, been able to upend traditional insurance models, while simultaneously developing new markets that have gone mostly ignored by traditional insurers.
In doing so, these smaller insurers have created far fiercer competition than ever before, and the industry giants are beginning to feel a tremendous amount of pressure.
Virseker, for example, has not only performed well in terms of overall customer satisfaction, but has also proven to understand its target market, their needs, and how they determine value.
Bigger insurers have generally managed to maintain their positions due to their sheer size and brand recognisability, but would be foolish to ignore the innovation, focus, value and quality being provided by smaller, niche players, who have broken away from the stale, conservative business models of old to build a business model around the servicing of the client’s interests, instead.
Customers need to be treated like individuals, and not just a policy number.
At the end of the day, a client only wants a handful of very reasonable things from an insurer.
Affordability, simplicity, cover that provides peace of mind, strong communication, clarity, and a provider that keeps its promises.