The 4 BIG Trends in the Insurance Sector - IZO

Blog

The 4 BIG Trends in the Insurance Sector

Blog

20-10-2020

Immersed in the midst of a pandemic during the 21st century, there are many doubts concerning almost all the sectors of the Economy. On this occasion, it is time to explore and analyze how Insurance is changing.

To begin with -and before getting into trends-, it is essential to highlight a mantra linked to our internal hard drive, and that is that any strategy, innovation or product must always be customer-oriented. Our users are our consumers and that means that they are the ones in charge of informing us if something serves, is likeable or could be recommended.

Digital transformation

How many times have you asked yourself what Digital Transformation really means? Depending on the context you read it from, you will find different definitions. It is nothing more than directing the cultural transformation by generating value for the client, seeking their support in digitization, to generate greater efficiency in operations.

Insurers are not lagging behind in this digital transformation and they are betting on a whole universe that makes life easier for the client. An example would be all the innovations that are being carried out using Big Data which involves all the info they have about us (such as the use of our health data from the applications that we have installed on our devices to calculate the risk or be able to reach calculate if our car will be stolen).

In this sense, the external data of our environment and of some behaviors that can be obtained from our data, in order to ultimately help us.

Voice of the Customer

The accessibility of technology has made it much easier for us to reach the client in each and every possible corner where it can be found. Today, we can perceive some companies obsessed with knowing their customer's opinion, knowing what their clients think of their services, products ... but that is not enough.

Why do I say this? I'm sure many of you, when any technician has come to you fix your home or car, at the end of his service he has asked you: "Do you mind filling out a small survey?" And immediately afterwards, without any kind of shame, he has added: "but please, if you agree, give me a 9 or a 10". Hasn't it happened to you?

This is something really common that is making most of us think: "well, I don't want this person to be fired so I give them a 9 or 10." However, we did not get to consider that the company could be evaluating things such as the treatment in the service or having been able to resolve the incident.

For all these things, it is so important to implement Voice of the Customer programs in companies and much more important for insurance because they are key in difficult times for customers. Of course, do not stay in only doing surveys and go one step further by implementing a close the loop system, where customer opinions are analyzed and activated.

Leading companies in customer experience have already implemented it and actively listen to customers.

Telecare – Separated but United

Given the times that we have had to live, many insurers change or take a step further towards the digitization of their services, such as MAPFRE's digital health platform called Savia, which serves an average of 2,000 patients a day for everything type of queries. All the customer has to do is download the App and register to get in touch with their doctors and be able to chat and have video calls in real time. Another example is the insurance company AXA, which, together with its home insurance, has implemented a telecare service for the elderly whose purpose is to accompany this group of elderly people who are being especially punished during the pandemic.

Solidarity

Although this last point should not be a trend itself, the reality is that given the current situation, insurers are trying to do their best to be more humane and get closer to their customers. From the foundations associated with the insurers or in their own name, there are many that have joined to create facilities in the payment of their clients, whether they are self-employed or SMEs, to help them continue with their businesses.

They have also allocated considerable economic amounts to help with the fight against COVID, either by allocating them to research, buying masks or supporting health personnel with psychological help, these are cases of the Mapfre Foundation, the Mutua Madrileña Foundation and Reale Seguros. There are also many trying to help with donations or asset loans during the pandemic. This is the case of Línea Directa that has allocated part of its fleet of cars so that health personnel could use it and also put 50 operators in contact center at the service of citizens as an information channel.

0.8229775327