Last week, we attended the Property Insurance Report National Conference in Monarch Beach, CA hosted by Brian Sullivan of theRisk Information Group. The conference is a highly regarded event for the property insurance industry where leading carriers and researchers share insights into major trends facing the industry. There were a range of fascinating topics such as hail and tornado modeling to some frightening trends behind the growing peril of home fires.
The grand finale of the conference continues to be Mr. Sullivan’s renowned Twenty Trends in Twenty Minutes presentation. A few of the trends were of particular interest to us as they touched on the customer experience. The first that was of interest focused on the changing behavior of the modern consumer. While property insurers, as an industry, have been slow to fully embrace the online and mobile channels, the data presented showed that consumers are becoming more connected with each other and the firms they do business with. The millennial generation in particular has fully incorporated the Web and mobile into their everyday lives, especially when it comes to making purchases. This demographic looms large in the long-term as they continue to gain influence both socially and financially and cannot be ignored by insurers.
Another trend of interest highlighted the opportunity that awaits the carriers who add a meaningful online component to their overall customer experience. “You need to offer a reason for (consumers) to come to you….an endless stream of advice, information, warnings, data and all sorts of stuff that you can deliver to homeowners to keep them connected to you in a way that you couldn’t do before,” says Sullivan.
Corporate Insight’s Presentation
Michael Ellison, President of Corporate Insight, also presented at the conference. Mr. Ellison’s presentation titled Navigating Consumer Needs on the Internet analyzed best practices among property insurance carriers and other leading firms across the financial services industry. He showcased 25 best-in-class examples of how leading property insurers are effectively using the online and mobile channels to engage and better service their clients.
The main idea communicated in the presentation is that any Web or mobile enhancement has to integrate seamlessly into the overall customer experience offered by the firm. When done properly, your firm’s online and mobile presences should be user-friendly and also enable you to learn more about your clients. Our presentation concluded with an example from USAA and the ultimate benefit of getting the customer experience right – customer loyalty.
We invite you to download the full slide deck from the Navigating Consumer Needs on the Internet presentation (no form required) and to learn more about our Property & Casualty Monitor research service.