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Introduction

Despite significant investment by insurers, a poor claims experience remains a key reason for customer churn. Consumer marketplaces offer a way for insurers to offer a claims experience that is on par with that of retailers.

Highlights

  • This report is based on detailed interviews with more than 50 key decision-makers in large insurers in the UK, Germany, and France looking at how they are changing their customer claims experience and the role that consumer marketplaces have within that.

Features and Benefits

  • Analyzes how insurers can transform their current claims experience.
  • Analyzes what action and strategies insurers are adopting to transform their claims experience.

Key questions answered

  • How do insurers view their current customer claims experience and how does it need to change?
  • What are insurers' current investment priorities to enhance the customer claims experience and how is this changing?

Table of contents

Recommendations for insurers

  • Insurers need to look beyond insurance when assessing their customers' claims experience
  • Insurers should look to consumer marketplaces to offer a different claims experience
  • Insurers need to guard against potential cultural challenges to consumer marketplaces

The customer experience is being compromised by competing objectives

  • Insurers see the claims experience as critical to the customer relationship
  • Short-term objectives limit focus on the customer relationship

The most urgent challenges are from outside the insurance sector

  • Online retailers and digital insurers pose the greatest threat

Most insurers are not moving fast enough to address market challenges

  • Current ICT priorities do not counter key threats
  • There are limited signs of a change in ICT priorities

Consumer marketplaces are a key to transforming the claims experience

  • A consumer marketplace brings together an ecosystem of providers serving both insurer and policyholder
  • A consumer marketplace is the foundation for a radical transformation of the claims experience
  • Consumer marketplaces drive operational benefits for insurers

Appendix

  • Author

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