New Aite Group report: Carriers focus on the customer’s experience, from underwriting to claims, and expect to build a competitive advantage.
Boston, MA (Feb. 12, 2016) – Who is the customer? Until recently, that question would yield many different answers depending upon whom you asked in the life and annuity industry. In the IT department alone, the answer would vary from level to level and area to area. This argument is as old as time within the life and annuity industry, but the true customer – the policyholder – has finally won.
As indicated by the recent report’s title, 2016 Life Insurance IT Strategies: Customer-Centricity’s New Meaning, customer-centricity truly does have a new meaning for this industry. For the past several years, these companies have concentrated on the business’ and agents’ needs, especially in regard to technology prioritization, but in 2016, those needs will take a backseat to those of the policyholders and prospects. IT executives are now prioritizing work based on the impact to the customer’s journey, from the sales process to the claim payout, in this full culture shift.
“As carriers focus on impacting the customer experience, the industry can expect to see some major changes in how they interact with customers,” says Samantha Chow, senior analyst and life and annuities expert with Aite Group. “Carriers that create a more positive experience can expect to build a competitive advantage.”
About Aite Group
Aite Group is an independent research and advisory firm focused on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, securities & investments, and insurance, Aite Group’s analysts deliver comprehensive, actionable advice to key market participants in financial services. Headquartered in Boston with a presence in Chicago, New York, San Francisco, London, and Milan, Aite Group works with its clients as a partner, advisor, and catalyst, challenging their basic assumptions and ensuring they remain at the forefront of industry trends.
Source: Aite Group