The Future of Customer Driven Insurance – 2nd March ’21
What if the customer was in the room with you? The Camelot Network opens up the conversation in the modern age of insurance
On Tuesday 2nd March 2021, over 120 people from the world of insurance “pulled up a virtual chair” to The Camelot Network’s Big Round Table event.
The network, which formed in 2018, prides itself on being a hub of collective knowhow, a pool of expertise who have ‘been there and done it’. They work to collaboratively break down barriers, enhance business growth and accelerate transformation, with the mantra of ‘Strong individually. Stronger together.’ They certainly are doing just that.
At the Big Round Table event, a large and diverse group of former and current C-suite insurance leaders, top insurers, industry expert guest speakers, select solution providers, and The Camelot Network, unpacked and opened the conversation.
The topic on the table:
“The Future of Customer Driven Insurance – What if the customer was in the room with you?”
It’s a big question to handle all at once. So instead they decided to use interactive breakout rooms to split it into chunks:
- “How do we really focus on the customer, no really focus? (and not just on the technology and how we have always done it)”
A number of key themes emerged, with the underpinning idea being that the customer should always be at the heart of everything. Those in the industry explained that a lot of customers perceive them as untrustworthy, making it difficult to connect and protect. This all boils down to a number of factors within customer-insurer relationships, with professionals highlighting the need to engage customers more regularly.
It may seem an obvious point, but one way in which greater trust can be built would be by the direct involvement of the customer. In other words, getting in the habit of asking the customer questions, finding out specifically what they want and then maintaining a continuous feedback loop.
While it can be tempting to get bogged down in the broad process of selling the product, it’s important to always keep in mind the end-consumer by helping them understand what it is exactly they’re being sold and removing any barriers to a particular product or requirement.
- “What are some hurdles to successful customer driven change and how to overcome them?”
While necessary, encouraging change within the industry has proven challenging due to the outdated mentality of ‘what goes on has always gone on’ and, as such, progressive views have been quashed. As a result, customers have been overlooked in favour of the interest of the product itself and shareholders, not to mention the costly nature of bringing about change.
With so many add-ons, the laboriously long chain from provider to customer, and the treatment of insurance itself as a transaction rather than a relationship with a customer, products aren’t designed to be engaged with, nor with the customer in mind. All in all, it was very much agreed that the general approach to selling the product is not giving insurance a good name.
- “What are the great examples already taking place ? (….and what can we learn?)”
There are a lot of really fascinating examples of where others across the industry have overcome the limitations of the traditional approach to customer engagement. Within the insurance industry, a number of customer-enticing perks were identified by the attendees:
- Simple, efficient and easy to use apps
- Engagement by giving back
- Marketing approaches that resonate without complicating
- Time to talk through customers’ issues and solve them
- Incentives such as rewards and discounts
- Flexible products that fit individuals’ needs
- An overall customer-centric model where the company has the customer’s best interests at heart
The event even delved further and looked at businesses outside of the industry that were so competent in their business strategy that they’re not having to struggle against the same customer-orientated obstacles. It was clear that there are lessons to be learned from within and outside the industry in terms of how best to serve the customer.
Having the customer in the room is an ideal that is both figurative and literal in the sense that while we can’t always have the customer physically in the room for us to talk to, we have to always bear them, and their requirements, in mind. With there being so many challenges in place, it remains essential that we continue to open up the conversation, as The Camelot Network’s Big Round Table is encouraging.
Their next Big Round Table event is Wednesday 5th May, where they’ll be unpacking “The pandemic is receding – What are the new opportunities?”