The COVID-19 pandemic created one of the most vivid roller coaster rides in recent memory, and, like many sectors, the insurance industry suffered a few blows along the way. Profits fell, and premium growth slowed. Traditional insurers also struggle with persistently low-interest rates, pricing pressures, low-cost options, and organic demand that’s only growing sluggishly in mature markets. The latter is particularly worrying. Since growth in developed economies can be mainly attributed to price increases versus volume or new risks covered, this trend could underscore the risk of the industry losing its relevance over time.
In an increasingly competitive and unforgiving landscape, how can insurers differentiate without lowering their prices? Analytics show that leading carriers are the ones who deliver customer experiences that inspire loyalty and attract new customers who are unhappy with their experiences with their current provider. And when it comes to customer experience, empathy is king.
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