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Know more about their customers helps insurers differentiate themselves, finds KPMG

by

Hubert Roy

17 December 2018 11:30

Photo : Freepik

The efforts of insurers are focused on a goal at the end of the year : the knowledge of the customer. KPMG has surveyed 40 insurers in Canada to achieve this. The firm has published the main findings in its Report to 2018 of KPMG on the opportunities and risks in the canadian insurance industry.

“The insurers want – and need – to do business with the customer in the way that suits you. Whether in the middle of a digital experience, directly with the company or through a broker, ” says Chris Cornell, partner, audit and leader national insurance, KPMG in Canada.

“All roads lead to the customer”

KPMG said noted that the desire to distinguish themselves is very marked in the insurers, in particular, saw the arrival of new players in the digital world. This breakthrough made it so that competitors differentiate more and more, customers have more alternatives. “To have an impact, the canadian insurers capitalize on their strengths, their size, and the most recent technologies in order to understand what really want the clients and continue to meet their expectations in constant transformation,” said Mr. Cornell.

To measure the preferences of customers migrate to the platforms of the provision of services or supply of products ” on demand “, towards the services of “point and click” and to the provision of services simplified, as the need to adopt strategies of direct relationships with the consumer has never been so apparent, ” says KPMG in its report.

The main obstacle : the past

“For many insurers, which is a barrier to the creation of a direct channel with the consumer, it is their past, said Mr. Cornell. Many insurers have roots in models that focus on the brokerage, that can’t simply be thrown in the garbage because the insurer is in transition. In fact, they must maintain a balance between the management of a business model that focuses on brokering and the establishment of a direct channel with the consumer which will be distinguishable on the market and will survive the transition phase. “

The intensification of competition and the increasing demand for digital services are create new strategies and require canadian insurers to think differently, ” says Mr. Cornell. These last are beginning to integrate technology across the entire value chain and use it as a gateway to new business models, new and innovative, ” he said.

Mr. Cornell also notes that some insurers have decided to go further with the assurtech in order to identify savings, operate more efficiently, making greater use of data, and to advocate a client. “The insurers agree, however, that these opportunities are accompanied by significant costs and strategic risks,” he says.

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