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12 October 2020
Gallagher Bassett says insurance will need to be more flexible, customer-centred and intelligent once the COVID-19 pandemic has passed.
In a blog post on insurance in a post-pandemic world, the claims management firm says the world is a radically different place and insurance is one of the industries most impacted by coronavirus.
More informed customers will expect a simpler experience and insurers will need to deliver, it says.
“One of the biggest changes that we can expect to see in the insurance world in the wake of COVID-19 is more focus on the customer.
“Customers no longer trust large organisations to make decisions for their wellbeing, especially after the response to the pandemic. They are researching the ins and outs of the insurance industry and becoming more empowered to make their own decisions.
“While customers will become more informed in the wake of the COVID-19 pandemic, they also have less patience for complicated systems. No one wants to have to endure unnecessary processes to get insurance or file a claim.”
Gallagher Bassett says customer experience will need to be streamlined, as “complex and opaque filing processes won’t cut it anymore”, and digital offerings will need to be enhanced, “placing power and convenience in customers’ hands”.
It says “cutting-edge technology” will need to come to the fore, with artificial intelligence and data analytics helping meet customer needs.
“Companies will use the latest technological advances to provide a streamlined experience to customers who are well-versed in choosing the best options for themselves and their organisations.”