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How Insurance carriers must embrace insurtech to win on customer experience
Traditional insurance carriers have a customer experience (CX) problem. The industry faces a multitude of challenges, central among them being the fact that customers don’t feel connected to their carriers, have low brand loyalty, and in, effect, have created a highly competitive landscape. Meanwhile, insurtechs are continually entering the market with new products and services that intrinsically place CX at the heart of their strategies. Carriers that want to differentiate in the future will need to go beyond price and product, to compete on CX and keep up with these potential competitors. Learning some fundamentals from insurtechs, in combination with new thinking on operational and technology transformation, will help carriers get ahead in delivering differentiated CX.
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