Advanced Search
MyIDEAS: Login to save this article or follow this journal

The Customers Have Spoken - Are The Insurance Companies Listening

Contents:

Author Info

  • Clark, Paul

    ()
    (EY LLP)

  • Delany, Christine

    ()
    (EY LLP)

  • Burns, Shona

    ()
    (EY LLP)

Registered author(s):

    Abstract

    The challenge of responding effectively to rapidly changing consumer needs and behaviors is recognized as one of the top strategic agenda items. We set out to obtain hard evidence of customer attitudes and behaviors. We undertook a worldwide insurance customer survey — unprecedented in both its scope and scale — to explore what drives consumer behavior across the whole customer life cycle and to test some of the received wisdom held in the industry today; to separate myth from reality, if you will. Our research reveals that while, of course, there are significant variations in customer attitudes and behaviors around the globe, there are some underlying themes that are remarkably consistent. Our findings also clearly show that insurers are far behind other sectors in meeting consumers’ expectations. So how should insurers respond? They undoubtedly need to rethink their approach to customers and seek to implement a tailored, yet lower-cost “customer-centric” operating model to support it better. Insurers will need to define what it means to be customer-centric and develop critical new competencies, aligning their operating models accordingly. Significantly, although the above activities may be considered transformational to many in the industry, we believe they will only provide insurers with the ability to catch up and otherwise “protect the core.” To leapfrog competitors and generate significant growth requires true customer-centric innovation and a significant change in approach to strategic decision-making. Implementing these strategies will future-proof the core business, while allowing insurers to redefine customer relationships and become a different insurer — the insurer of the future.

    Download Info

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below under "Related research" whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Bibliographic Info

    Article provided by EY Global FS Institute in its journal Journal of Financial Perspectives.

    Volume (Year): 1 (2013)
    Issue (Month): 1 ()
    Pages: 141-158

    as in new window
    Handle: RePEc:ris:jofipe:0009

    Contact details of provider:
    Postal: 1 More London Place, London SE1 2AF, UK
    Phone: +44 20 7951 2000
    Email:
    Web page: http://www.gfsi.ey.com/

    Related research

    Keywords: Customer Centricity; Life insurance; Global Insurance Consumer Behavior; Non Life Insurance; Digital in Insurance; Data Analytics;

    Find related papers by JEL classification:

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:ris:jofipe:0009. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Prof. Shahin Shojai).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.