As insurance companies compete to keep up with digital disrupters in today’s marketplace, it’s increasingly important to look at the future. Executive SummarySaurabh Wahi, co-leader of consultancy Prophet’s financial services practice, believes insurance companies will need to transform to meet the demands of customers of 2030. “Incremental changes and small-scale improvements won’t be enough,” he writes, noting that only customer-centric organizations will be relevant in the next decade. Here, he provides five demands of an imagined millennial customer.
Customers’ lives are evolving, and as a consequence, their needs around protection are changing, too. We believe firms that can transform themselves to respond to future customers’ needs are the ones that will thrive. Such transformation will require major changes that must be put into motion today if insurers hope to build strong relevance with customers and an enduring competitive advantage.
That requires an intense level of customer-centricity. And while most companies believe they already have dialed into peoples’ needs, many realize they are still relatively unprepared for a future where customers are increasingly calling the shots.