Rebuilding trust in insurance

Insurance has suffered a greater decline in trust than any other financial sector during the pandemic.  Long contact centre queues, frustrating digital and chatbot experiences and adverse publicity about disappointed claimants have all undermined customer confidence. As we emerge into the next normal, there is now a burning need for insurers to build a better customer-insurer relationship.

Fortunately, digital developments present a solution: enabled by AI-driven analytics and burgeoning data from connected devices, the industry has the opportunity to extend its proposition from simple risk mitigation to that of trusted advisor, providing its customers with hyper-personalised risk prevention advice.

Discussion

• To what extent could a ‘predict and prevent’ insurance model revolutionise customers’ trust in insurers?
• What are the critical factors in making this happen? What skills and technologies required?
• The engagement challenge: what will make customers take notice of risk advice communications, and then ensure they take action accordingly?
• Kickstarting a virtuous circle: how can insurers encourage customers to provide ever deeper access to data in exchange for increasingly personalised and insightful advice?
• Leveraging and utilising the data: how do you achieve optimal real time analytics?
• A convenient and frictionless experience: how essential is providing fast, accurate and, most-importantly, personalised information in real time to inspire confidence in the insurance process?
• Which channels are likely to work best? How can you orchestrate a clear and consistent message across all of them?
• A new role for claims department: how can practical risk prevention interventions best be organised and trust-inspiring customer experience be ensured?
• Will insurers ultimately succeed in becoming trusted life partners and, if so, how long is it likely to take?

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