The future is all about the customerA new Majesco research report offers an in-depth look at consumer signals regarding their needs and expectations for new risk products, channels, value-added services, use of data sources, and digital technologies from insurers. Download the full report here.
January 24, 2023 09:00 AM Eastern Standard Time–MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the availability of a new consumer research report, Enriching Customer Value, Digital Engagement, Financial Security and Loyalty by Rethinking Insurance.
From COVID, to historic inflation, to severe weather events, customers are enduring an ongoing string of challenges that have shaken their sense of financial security in how they can protect their homes, autos, life, financial well-being and more.
“The future is all about the customer. Understanding the future is all about customer signals that should shape business strategies,” stated Denise Garth, Chief Strategy Officer at Majesco. “Our research provides crucial input for our customer’s strategies and our product strategy. Now more than ever, insurers must take a leading role in helping customers rebuild their confidence, security, and optimism by leveraging value-added services, multiple channel options, and new data sources to deliver value that today’s and tomorrow’s insurance customers expect and demand.”
While insurance’s traditional products have always been pivotal in creating peace of mind, new and expanding risks, market dynamics, and evolving needs and expectations of insurance buyers, particularly the younger generation, require new ideas and approaches. Pressure is building for insurers to take a more comprehensive, holistic view of customers’ definition of security, one that reaches well past traditional risk products and channels. A substantial increase in individualization and personalization of insurance is uncovered, altering the customer experience and insurance process at every touchpoint, digitally.
Some key insights from the report include:
- Consumers’ top-of-mind issues include household finances, inflation, crime, and planning/saving for retirement.
- Financial wellness is taking on increased relevance and importance, given the current challenging economic conditions, particularly for Gen Z and Millennials. They want to holistically manage their financial, vehicle, property, insurance and household accounts and overall risk.
- Gen Z and Millennials continue to outpace Gen X and Boomers in the use of digital technologies or digitally enabled businesses.
- Considerable opportunity exists in voluntary benefits, both traditional benefits like health, dental, vision, and life insurance, as well as new voluntary benefit options including auto, homeowner / renter, and identity theft, particularly among Gen Z and Millennials.
- Smart home devices show strong interest with both generations. Insurers offering a smart home insurance discount and personalized pricing could help consumers reduce home or rental insurance premium which addresses the financial top-of-mind issue.
- Gen Z and Millennials have much higher interest in value-added services included with life/health, auto, and property insurance. Gen X and Boomers see value in specific areas for auto insurance, including alerts focused on safety and renewals for licenses and vehicle registrations.
- While traditional channels, including agents/brokers, remain strong, embedded options are gaining strong interest.
Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what is next, without losing sight of what’s important now. Over 350 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now.
As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.
For more information, please visit www.majesco.com and follow us on LinkedIn.