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.
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. Today’s consumers favour transparency, speed and flexibility over the complex and rigid products traditionally offered. 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.