Sharing economy platforms have transformed the way people communicate, interact and share resources. Still, many people are uncertain about the potential risks and threats posed by engaging with the sharing economy.
When Uber and Airbnb first emerged on the world stage, they offered a new idea that would redefine private ownership. This business model enabled people to make money off of existing assets, like cars and homes, by sharing them with others.
Technology moves quickly. Last year’s science fiction is often this year’s standard operating procedure. Insurers who stay on top of these changes improve their relationships with customers, while those who ignore them fall further and further behind.
To get up to speed, join DigIn 2019. The conference takes place May 29–31, 2019, in Austin, Texas. DigIn focuses on the ways technology is transforming the insurance industry — and how those changes affect key providers.
As families struggle to cope with rising homeownership and rental costs, insurance companies are feeling the squeeze, too.
More young renters and homebuyers are opting to reduce or eliminate their renters or homeowners coverage. This makes it harder for insurance companies to keep up with rising claims costs in the face of catastrophic weather, aging housing stock and similar pressures.
To understand how to find and keep customers, insurance companies need to understand what is happening in the US housing market — and how it affects their bottom lines.
During the first three quarters of 2018, 463 insurance agency mergers and acquisitions were announced. But since not all of these transactions are made public, the actual number is likely higher, says , managing partner at OPTIS Partners.
The value of these transactions is rising, as well. The total value of merger and acquisitions in US insurance rose to $8.1 billion in the third quarter of 2018, up from $1.9 billion in the third quarter of 2017, says at Zacks.
P&C insurers face many challenges regarding customer retention and relationship-building. For one, the number of customers shopping for car insurance has decreased in recent years, according to at Forbes.
Among those who still pay for auto or home insurance, easy access to information means that many customers purchase coverage based on price alone. Perhaps this is why the likelihood of a business selling to a new customer is only 5 percent, versus 60 percent for current customers, explains at NewsMax.
As an industry, the insurance world remains a leader in advancing artificial intelligence.
Chatbots are a form of AI that allow insurance companies to remain available to customers at all times — even when human staff members are occupied with other tasks or are out of the office, says at DZone. As the technology improves, it may even be able to replace certain human members of the customer service team, creating a world in which customers have 24/7 access to insurance experts.
In an insurance industry battling rising costs and losses, the struggle to attract and maintain customers is real.
Fortunately, studies show that existing customers value good service and meaningful relationships even more than low rates. This means that in order to maintain the customer relationships they already have, insurers must focus on customer experience and engagement.
Here’s why customers leave after a closed deal, and what you can do to forge stronger, more profitable long-term relationships.
Property and casualty insurers are struggling with increasing claims and at the same time customers are dropping their coverage. Meanwhile, customer satisfaction with insurance purchases is at an all-time low, say PropertyCasualty360 writers .
According to Super and Cairns, one reason for rampant customer dissatisfaction is that customers no longer see the total value proposition the insurance company poses. They feel lost in the shuffle and as if they will never see a return on the money they pay for coverage.
Retaining insurance customers is no longer about simply offering the best possible price. Instead, P&C insurers must focus on selling their customers on the total value of the insurance relationship.
Loyalty is a critical element of company-customer relationships in a wide range of industries, including insurance.