May 31, 2017
Legacy mindsets, processes and technology systems have plagued the insurance industry for decades, leading to an antiquated business model that often puts the policy ahead of the user. This policy-centric approach is becoming ineffective as users’ expectations for a seamless experience evolve. Thus far, insurance companies have put resources into improving quote conversions and reducing forecasting risks. User experience and integration of systems have not come first.
Twenty-seven percent of insurance respondents say they do not do enough in-person research, and only 29 percent are extremely confident that their organization’s audiences are accurate and well-defined. Insurance stakeholders must be willing to make greater investments in audience understanding and reporting to anticipate user needs and better provide policyholders with a user experience that matches the stakes and expectations of insurance as an industry. Or, they risk losing market share to digital-first competitors.
This insurance tip sheet highlights some of the most critical data points for the insurance industry, sourced from industry leaders surveyed for the 2017 Executing Digital Transformation Study.