The customers' perspective on buying insurance

Context:
We live in interesting times! The importance of putting the customer first in decision making and embracing digital change.

The opportunity:
Technology driven economic development; the growth in value of commercial networks/reputations and the increased need for liquidity.

Customers have new assets and needs!
- Can we invest in risk management relationships, focused on risk and insurance, that deliver on customer needs by protecting this new vulnerable value?

The threats:
Old ways of working, protecting traditional well understood risks has been commoditised but fails to become a volume business.
- Can we embrace technology for a low-cost/high volume insurance market of today?

How can we work better together develop a sustainable insurance market?
- A single point of contact for simple and commoditised risks
- A tripartite relationship for complex insurance solutions,
- A dynamic strategic networks of connected capability to drive innovation and change for future strategic value.

How can we mitigate the reality of the Harsh Market:
- Poor communication, commercial insensitivity, loss of relevance, alternative solutions and weakened relationships.

- Invest in culture and people
- Invest in technology
- Invest in relationships
- Invest in solutions

By the end of this lecture members would have gained an insight into:

• How global trends are changing the needs of risk and insurance managers as they attempt to make their businesses safe, resilient and successful

• The customers world and the changes they are likely to demand of the market.

• How relationships with insurers need to be redefined, depending on the customer objective, and supported differently by technology.

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Duration: 40 minutes