Page 12 - WIR 2019 eBook

World Insurance Report 2019 Interactive eBook

Insurer of the Future Will Be Insurers’ 3P customer engagement model

a Partner, Preventer, and Payer

for Customers

To remain competitive and increase customer centricity, the insurer of the future will maintain
their current position as payer for customers’ financial losses. Additionally, it will adopt the
roles of partner to customers to understand their risks better and preventer to help
customers control the risks.

This 3P customer engagement model will enable insurers to have a more meaningful
Source: Capgemini Financial Services Analysis, 2019.
presence in customers’ daily lives.

As a partner, an insurer could provide value-added services that are customized for customers’ Insurers’ role will evolve to exhibit a greater presence in customers’ daily lives
needs. In the role of preventer, the insurer could provide risk prevention education as well as
risk control advice and support.
7:00 am 8:00 am 9:00 am 12:00 pm
Customer gets a reminder Customer logs miles run on While driving to work, the At noon, the customer
By leveraging connected devices and mobile apps that provide real-time data, insurers can from their insurance app their insurance app and customer receives a shares a photo and recipe of
to take daily medications. obtains reward points for a warning when their speed their healthy lunch on the
glean insights that help them better understand the customer journey. By doing so, they can premium discount on their exceeds a safe limit and is health insurer's community
life insurance. recommended a shorter platform and receives
offer the types of personalized products and services that are most pertinent to policyholders. route. positive responses from
other community members,
which increases their
Innovative insurance models that offer products to reduce risk not only help insurers increase membership points.
customer satisfaction and loyalty, but also stand to bring down claims incidents and decrease
claims costs, as policyholders benefit from greater safety.
7:00 pm 6:00 pm 5:00 pm 3:00 pm
The 3P model represents a win-win for insurers and customers alike. Since the customer is also As the customer prepares While driving back from Later in the afternoon, the
giving another traveler a to take off for their work, the customer's car customer receives a
ride to the same destination weekend trip, they upgrade breaks down. However, reminder to repair their air
through a ridesharing app, their home insurance policy their auto insurer quickly conditioner and schedules
the customer switches their for 2 days and switch on dispatches an assistance an appointment in the
WATCH THE WEBSITE auto insurance to a their travel insurance policy team through its partner insurance app.
commercial package for for the weekend. They also network to get the
the weekend. receive travel and safety customer back on the road
The insurer of the future will be tips from their insurer. in no time.
the one who acts as ‘Partner’ to
customers, provides risk control
consulting as a ‘Preventer’ and Partner Payer Preventer Source: Capgemini Financial Services Analysis, 2019
continues to be a ‘Payer’.

In the future, insurers will need to become a preventer to strengthen their hold
on existing and future customers. Utilizing customer data to its full potential is
a key component for insurers to be able to take this role.”
— Jesper Andersson
CFO, Folksam

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