Insurance solution providers have remained relevant in rebuilding livelihoods and repairing properties devastated by unexpected catastrophe over time. Insurers are amongst the largest innovators in the world, with more than $8 trillion in assets under management that helps communities to grow.
In the face of changing consumer’s preferences and expectations many companies are deploying technology to meet the new narrative in the market place.
Today’s insurers are raising the bar in competition to deliver new customer experience by offering seamless and personalized solutions to their teeming clientele base. In order to continuously do this, there is a conscious retooling of the skills set of their human capital to achieve the holistic customer experience. From the lens, of Dr. Steven Weisbart (Insurance Information Institute, June, 2018) the following were outlined as benefits of insurance services to the whole spectrum of the society.
Insurance could be seen as an instrument of social policy by providing social benefits such as compensation for injuries at work, rebuilding property, sustenance of supply chain, they also act as capital infusers. Insurance is one of the veritable platforms that enable infrastructural development. Development of space travel was given the needed impetus by insurance services. No less so, were development of cyber technology, and genetic engineering just to mention but a few.
In 2017, insurance industry globally paid roughly $1.5 trillion (an average of $125 billion per month) to help claimants rebuild their homes, lives and businesses. According to EY Insurance Global (2022 global insurance outlook) report on global consumer’s interest in insurance products, highlighted the following trends in the customer spectrum of the market: 77% were interested in products that pay for hospital expenses, 74% features on life assurance that allows access to funds in case of emergencies, 66% go for income protection. At the home front effort is being made by the Nigeria Insurers Association (NIA) and the Regulator, National Insurance Commission (NAICOM) to achieve a common front in delivering new experience to insurance customers especially in the area of new innovation and technology by the various insurance service providers.
The global insurance market is projected to grow from $5,376.92 billion in 2021 to $5,938.41 billion in 2022 at a compound annual rate of 10.41% with a further leap to $8,398.11 billion in 2026 at CAGR of 9.1%. Experts foreseen a change in narrative in the area of technological development with a buzz word “digita ecosystem using web services and APIs (culled from EY global insurance)”.
There is no doubt that the millennium will continue to set the pace in consumerism. The new shift in consumer behavior will drive demand in new innovative insurance products and services. In the digital era of insurance outlook, every process value chain will be near virtual. The catch up game with the rest of the world is more seen than imagined.
The race is better started now when it look as if the awareness is gradually shifting positively.
In the advance economy, the much talked about embedded insurance has come to stay as this will define the perception of how insurance services should be dispensed to the teeming insurance consumers.
This is the dawn of a new beginning in customer relationship management.
ADEBISI IKUOMOLA, Executive Director, Technical, Anchor Insurance Company Limited. 07089888958