The personal lines property and casualty (P&C) insurance market has always been competitive. Competitive intensity is, however, increasing – especially in the largest and most mature markets – driven by changing customer expectations, new technology, and the threat of powerful new entrants.
Today, many insurance offerings are seen as undifferentiated commodity products with price as the key buying criteria. Customer engagement is infrequent and transactional, mainly occurring at policy renewal or when making a claim, both of which are not conducive to building a strong relationship.
With this as market context, how can a carrier increase its share of the customer's wallet and achieve profitable growth in a sustainable way?
To understand the importance of value engagement and the current attitude of customers, Ovum, sponsored by SAP Hybris, has undertaken independent research interviewing more than 2,500 buyers of property and auto insurance in six countries.
Download this report for analysis of the research findings and recommendations for insurance providers.