With data collected from more than 15,500 customers worldwide and 165 surveys of insurance executives, Capgemini and EFMA’s 2015 World Insurance Report analyzes the advent of industry-altering situations along with a alarming decline in positive customer experience. The report suggests that insurers need to focus more seriously on preparing for the future.
The main conclusions are:
Improvement of policy ratios.
- The decrease in the number of natural disasters combined with the additional pricing review led to a drop in claims expenses and boosted non-life insurers’ earnings in 2013.
- Declining customer experience driven by Gen Y’s high digital expectations. Less than 30% of customers worldwide are enjoying a positive customer experience, down nearly 4% from 2013. In this past year, customers are raising the bar on what they expect from their insurers, especially Generation Y customers, ages 18-34, who have not experienced adult life without technology such as the Internet and smart devices.
- The need to blend traditional and digital channels to achieve a seamless experience across all channels. Insurers must combine the traditional channel with new digital channels to combine the best of both worlds for customers.
- The impact of new technologies on the insurance industry. 78% of executives interviewed cited Big Data as the disruptive force that will have the greatest impact on the insurance industry. Right now the insurance industry is facing a barrage of market disruptors that have the potential to challenge and undermine businesses unless insurers prepare for them.
The need to improve customer focus. Insurers are scoring lowest in core capabilities related to customer interactions.
Javier Echebarria
Headline: Capgemini and EFMA Global Insurance Report 2015.
Source: www.es.capgemini.com
Date: 26-02-2016
Format: PDF
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