According to a recent report by McKinsey, incumbents in the insurance market need to address the evolving needs of consumers to win loyalty and protect against new entrants. The study found that while insurers are still focused on providing affordable coverage for their customers, they have begun focusing more heavily on customer service as well. Our work with different insurance clients has shown that there is typically a portfolio of 40 to 60 experience elements along the journey that can be built in to create a delightful experience—not only for end customers, but also for agents and brokers. The report suggests that applying design thinking to systematically rework the end-to-end package can enable companies to reinvent how they interacts with customers.
According to a recent report by McKinsey, incumbents in the insurance market need to address the evolving needs of consumers to win loyalty and protect against new entrants. The study found that while insurers are still focused on providing affordable coverage for their customers, they have begun focusing more heavily on customer service as well. The report suggests that applying design thinking to systematically rework the end-to-end package can enable companies to reinvent how they interacts with customers.