SAS and the Open and Embedded Insurance Observatory recently conducted a survey* among their members, partners and a wider network of insurers and tech enablers – to track current trends in the embedded insurance space. The key aims were to identify levels of data sharing between parties, the impact of process automation, and how customer experience (CX) is measured
The rise in CX maturity in insurance
Advancing technologies and powerful data analytics are changing the way consumers and brands interact. From targeted marketing to personalized product design, and from frictionless sales to 24/7 servicing – consumer expectations are shifting – and rising. And savvy brands are using the tools now at their disposal to not just meet these expectations, but to exceed them.
The most successful brands understand their customers and know how to engage – and delight – them. And the insurance industry is no longer an exception. With the wider transition to an ‘experience economy’, innovative insurers are investing in technology – and creating partnerships – that are allowing them to differentiate themselves and gain market share in an increasingly customer-centric environment.
The pandemic was certainly a push factor towards greater CX maturity in insurance, but the momentum isn’t slowing. International Data Corporation predicts global IT spending in insurance will grow at a CAGR of 6% by next year, reaching $135 billion – with CX accounting for 37% of this investment2