Page 8 - WIR 2019 eBook

World Insurance Report 2019 Interactive eBook

Changing Customer Preferences Customers’ demands vs insurers’ offerings and level of readiness

Creates Opportunities for Insurers

Currently, many insurers’ level of readiness to meet changing customer demands is not
sufficient. But in reality, these evolving demands present a golden opportunity for insurers.
Approximately 28% of individual policyholders are ready to share additional data and 15%
willing to pay more for risk control and prevention services. Moreover, among individual
policyholders who already feel they have comprehensive coverage for emerging risks, there is
even greater interest in sharing the data and gaining personalized offerings and value-added
services. Business customers are keener than individual policyholders, with 45% prepared to
collaborate with insurers to gain more personalized services and better control risk exposure.
* Insurers in this chart represent the insurers who have implemented the offering/initiative and recognize that at least
Both individual and business policyholders are also eager for new and innovative insurance Source: one emerging risk is creating demand for new offerings.
Capgemini Financial Services Analysis, 2019; WIR 2019 Executive Interviews, 2019; Capgemini Voice of the Customer
models that can cover specific risks. This includes interest for models such as usage-based Survey, 2019.
insurance (business customers 46.7%, individuals 35.0%), on-demand insurance (business
44.2%, individuals 28.8%), proactive value-added services (business 40.9%, individuals 21.1%)
and parametric insurance for changing climate conditions (business 34.3%, individuals 15.5%). Customers’ interest in new insurance models, individual and business customers (%), 2019
New models can enable insurers to react with agility and efficiency to emerging threats – as
well as satiate customer demands.

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A clear opportunity exists for
insurers to improve collaboration
with customers – both individual
and commercial – by increasing
their awareness of emerging risks
and policy coverage..

Source: Capgemini Financial Services Analysis, 2019; Capgemini Voice of the Customer Survey, 2019.

Strong partnerships with customers, regulators, technology companies, and
startups are essential to rapidly test and learn about possible new offerings. Tools and technologies that help insurers understand customer needs are critical to
This flexibility is what will enable us to build products to meet our customers’ meaningful engagement and success – whether a firm sells directly to individuals
needs and adapt to changes over time.” or through intermediaries.”
— Chris Smith — Thomas Barth-Schaetzlein
EVP and Head of Global Operations, MetLife Head of Multichannel Management, Württembergische Versicherung AG

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