Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • Sections
  • News

Insurers urged to offer 'hyper-personalised' experiences post-Covid

Open-access content Thursday 13th May 2021
Insurers urged to offer 'hyper-personalised' experiences post-Covid

Insurers must embrace emerging technologies and offer “hyper-personalised” experiences to attract and retain customers following COVID-19, and new report from Capgemini claims.

The consultancy firm's World Insurance Report 2021 explains how more than 60% of insurers surveyed recently have seen their customer acquisition efforts affected by COVID-19, with customer retention also being impacted for around 40%.

To make up lost ground, the report argues that companies must empower their distribution network with emerging technologies, including augmented, virtual reality and AI, and embed insurance in customers’ daily lives by embracing open insurance.

Although 87% of insurers surveyed said they would invest in digital enhancements, only 32% were confident that their digital channels are effective in securing sales because they lack personalised advice capabilities.

“Insurers have an opportunity to convert digital traffic to sales by focusing on a hyper-personalised virtual experience,” said Anirban Bose, CEO of Capgemini’s financial services.

“Today’s customers expect interacting with their insurers to be easy, and providers need to ensure their channels enable a convenient and seamless customer experience. 

“By investing in the right technologies, insurers can win and retain customers while empowering their agents and brokers to deepen relationships.”

The report highlights how 77% of insurance executives see agents and brokers as their most prominent distribution channel, however, more than 40% of personal line customers find it challenging to contact agents and brokers outside typical office hours.

Capgemini said that the most successful insurers will win and retain customers by reinventing their operating ecosystem to support a ‘phygital’ model based on a mix of physical presence and digital engagement.

Around half of the agents and brokers surveyed said they need more support from insurers, and that digital collaboration and engagement tools such as screen-sharing platforms and digital document-signing tools are needed to assist customers.

However, less than two-thirds of insurers said they provide agents and brokers with these sought-after digital tools to enhance customer experience.

The report argues that AI-based analytics can help agents and brokers understand customer preferences, answer questions, and offer appropriate products around policyholders’ special life events, giving a “360-degree view” of customers to improve their experiences.

“The global impact of all-at-once digital adoption has changed the way insurers need to operate to satisfy their customers,” said John Berry, CEO of Efma, which co-produced the report. “Digital investment in connected channels is a critical ingredient for insurers of the future to be successful.”

 

Image credit: iStock

Author: Chris Seekings

You may also be interested in...

'Telemedicine' to save global health care industry $21bn by 2025

'Telemedicine' to save global health care industry $21bn by 2025

Remote provision of health care services using 'telemedicine' will save the industry $21bn (£15bn) by 2025, rising from $11bn in 2021, a new report by Juniper Research suggests.
Thursday 13th May 2021
Open-access content
Organisations failing to model key emerging risks

Organisations failing to model key emerging risks

The majority of large and mid-size organisations worldwide are failing to anticipate and model key emerging risks, a new report from insurance firm Marsh suggests.
Wednesday 19th May 2021
Open-access content
Cyber insurance uptake increases only marginally during pandemic

Cyber insurance uptake increases only marginally during pandemic

Cyber insurance uptake by businesses worldwide has only increased marginally over the last year, despite the volume of attacks increasing as more people worked from home, new research has uncovered.
Wednesday 21st April 2021
Open-access content
Mandatory insurance coverage proposed post-Covid

Mandatory insurance coverage proposed post-Covid

Governments should consider introducing mandatory provision of income protection insurance following the COVID-19 crisis, research by the University of Oxford and Zurich Insurance Group suggests.
Wednesday 19th May 2021
Open-access content
Natural catastrophes accelerate reinsurance demand in Asa-Pacific

Natural catastrophes accelerate reinsurance demand in Asa-Pacific

The growing frequency of natural catastrophes has increased demand for reinsurance in the Asia-Pacific (APAC) region as domestic insurers seek financial resources to cover the risks.
Friday 21st May 2021
Open-access content
Nine in 10 countries report disruption to essential health services

Nine in 10 countries report disruption to essential health services

Nine in 10 countries are still experiencing disruptions to their essential health services following the outbreak of COVID-19 more than one year ago, the World Health Organization (WHO) has found.
Monday 26th April 2021
Open-access content

Latest from Global

rdth

Make My Money Matter's Tony Burdon on the practical power of sustainable pensions

Years working in international development showed Tony Burdon, head of Make My Money Matter, that sustainable pensions can harness trillions of pounds to build a better world – at a scale governments and charities can’t. He talks to Travis Elsum
Wednesday 1st March 2023
Open-access content
ULH

Growth of the profession in Zambia

One of only three Fellows in Zambia, Mulenga C Mutati anticipates exciting growth in the country’s actuarial sector
Wednesday 1st February 2023
Open-access content
cj

Natural capital investing

Chris Howells and Andrew Dreaneen discuss how today’s investments in natural capital profit portfolios as well as the planet and humanity
Wednesday 1st February 2023
Open-access content

Latest from General Insurance

td

Brain power

The latest microchips mimic cerebral function. Smaller, faster and more efficient than their predecessors, they have the potential to save lives and help insurers, argues Amarnath Suggu
Wednesday 1st March 2023
Open-access content
bl

'Takaful' models of Islamic insurance

Ethical, varied and a growing market – ‘takaful’ Islamic insurance is worth knowing about, wherever you’re from and whatever your beliefs, says Ali Asghar Bhuriwala
Wednesday 1st February 2023
Open-access content
il

When 'human' isn't female

It was only last year that the first anatomically correct female crash test dummy was created. With so much data still based on the male perspective, are we truly meeting all consumer needs? Adél Drew discusses her thoughts, based on the book Invisible Women by Caroline Criado Perez
Wednesday 1st February 2023
Open-access content

Latest from Technology

gc

Free for all

Coding: those who love it can benefit those who don’t by creating open-source tools. Yiannis Parizas outlines two popular data science programming languages, and the simulator he devised and shared
Wednesday 1st March 2023
Open-access content
td

Brain power

The latest microchips mimic cerebral function. Smaller, faster and more efficient than their predecessors, they have the potential to save lives and help insurers, argues Amarnath Suggu
Wednesday 1st March 2023
Open-access content
dty

Can we embrace a circular economy?

With our pull on the planet’s resources, are we bold enough to embrace a circular economy? The potential benefits are not just material, argues Travis Elsum
Wednesday 1st February 2023
Open-access content

Latest from News

web_Kartina-Tahir-Thomson.jpg

IFoA appoints new president-elect

The IFoA's next president-elect is to be Kartina Tahir Thomson, it was announced today (29 March 2023).
Wednesday 29th March 2023
Open-access content
tf

New online forum 'IFoA communities' – now live

IFoA communities is your new online digital community. Here’s how to get started on the platform
Thursday 2nd March 2023
Open-access content
uh

Climate risk course sees new growth

In April, the Climate Risk and Sustainability course will be one year old. During its first year, we welcomed 155 participants and awarded 148 certificates. Members from more than 19 countries came together at the seminars to discuss and share what they had learnt.
Wednesday 1st March 2023
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Shape the Future of Insurance

London (Central)
£ excellent package
Reference
149090

Senior Pricing Actuary - Life Reinsurance

London (Central)
£ excellent
Reference
149089

Insurance Investment Leadership Opportunities

Flexible / hybrid with 2 days p/w office-based
£ dependent upon experience
Reference
149088
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ