Majesco, a global leader in cloud insurance software solutions, has released a thought-provoking report titled “Bridging the Customer Expectation Gap: Property Insurance.”
The report sheds light on the disparities between customer expectations and the offerings provided by property insurers, presenting significant growth opportunities within the industry.
Majesco’s comprehensive analysis draws from consumer and SMB research, as well as their own Strategic Priorities research, to identify three key gaps: Pricing and underwriting, Value-added services, and Distribution channels.
Insurers must adopt a customer-centric approach, says Majesco
The report focuses on the need for insurers to adopt a customer-centric approach that incorporates buyer expectations into their operations and strategic priorities. It highlights that failing to bridge these gaps can lead to missed opportunities for long-term customer growth, value, and loyalty.
According to Denise Garth, Chief Strategy Officer at Majesco, the changing expectations of traditional customers, namely Gen X and Boomers, necessitate insurers to rethink their business models and adapt to evolving demands.
Speaking about the report’s findings, she said: “Gen X and Boomers – the ‘traditional’ customers, represent today’s business and revenue for most insurers and are reaching their earning power and asset ownership. However, these customers have changing expectations on personalized underwriting, value-added services for risk mitigation and channels they want to buy or engage with that require insurers to rethink and adapt how they do business to enhance loyalty and retain them as customers,” stated Denise Garth, Chief Strategy Officer at Majesco.”
Garth continued: “More importantly, Millennials and Gen Z customers are becoming the dominant buyers and have even higher expectations and aren’t satisfied with the traditional insurance processes, accelerating their tendency to move to new brands that will meet those expectations.”
She added: “Savvy, innovative insurers who are prioritizing and implementing capabilities that meet these rapidly shifting customer expectations are redefining insurance with an outside-in approach that will enhance their ability to capture and retain any generational group as they are looking for more value from insurers, highlighting that loyalty is a two-way street.”
Join Majesco at Insurtech Insights USA 2023
To find out more about Majesco’s latest strategies and innovations, join their Chief Strategy Officer, Denise Garth at Insurtech Insights USA 2023 on June 7th and 8th, at the Javits Center in New York. Denis will be discussing the future of the insurance industry in the session: ‘What Will the Insurance Marketplace of 2030 look like?‘
To find out more, click here
Source: Business Wire
