Under the strong pressure put by the technological evolution, the motor insurance business is rapidly changing, both in operational terms and, most visible, in the way insurers are interacting with their customers. Step by step, the insurers’ relationship with customers evolves from simply indemnifying insureds for the losses suffered because of road incidents, to helping them prevent incidents and rapidly recover after the accidents that couldn’t be avoided.
In financial terms, motor insurance remains not only one of the insurers’ main business lines, but also one of the main interaction points with mass consumers, especially in the less mature markets. In many markets, the insurance industry’s reputation largely depends on the “first impression” made upon the largest group of customers – the vehicle owners.
Fair pricing, ease of access, efficient claims handling, added value services offered to improve road safety are all aspects of the customer-insurer interaction for which new technologies may provide significant means of gaining competitive advantage and retain the customers.
Yet, embracing the technological “revolution” should be a carefully balanced decision considering both the elating opportunities and the inherent challenges.
IIF 2019 – MOTOR INSURANCE – the innovation challenge will address both sides of the decision-making process, benefitting from relevant experiences across Europe, as delivered by an exquisite team of speakers: …