Insurers face three key challenges: They operate in an already crowded marketplace, they have to meet the ever-increasing expectations of consumers, and they face incursions by disruptive tech enterprises with innovative applications. To survive in such a market, insurers need to find ways to distinguish themselves from their competitors and build lasting relationships with their customers.
Claims not only represent the single largest cost for insurers, they also represent the best opportunity to build a positive relationship with customers, which can massively boost satisfaction and retention rates. KPMG predicts that over the next few years customer satisfaction and retention will be a more relevant performance indicator than operational efficiency and that claims settlement will be one of the key elements in customer engagement.