Traditionally the insurance market has started by analysing a particular risk and understanding the potential liabilities that it creates. It then develops an insurance policy to provide cover against that risk and takes the policy to market. For hundreds of years the policy has been the axle around which everything in the insurance world has turned.
The more modern thinking is that by segmenting customers, understanding their needs and developing products specifically tailored to meet them, insurers will be able to attract more of the customers they want, retain them for longer and increase their profitability over the medium to long term.
In recent years the air has been thick with discussion about customer centricity and omni-channel engagement, but what exactly do these phrases mean for the insurance industry?
This whitepaper focuses on the benefits insurers can achieve by segmenting customers and providing bespoke solutions.