Insurance industry brief

Faced with increased regulation, recent years have been tough for insurance firms. Combined with price sensitive clients, improving customer satisfaction is crucial to developing long-term sustainable profits. To add to this, new players are entering the market, intensifying competition andĀ further driving down profits.

To address these issues, insurance firms are striving to be more customer centric. Like many other industries, insurance firms are implementing technology to provide innovative customer engagement methods and reduce costs.

Customers want to communicate using the method most convenient to them and they expect to have their enquiry resolved quickly. This could be through a web portal, social media, telephone or via a smartphone app.

Given the pressure to be more readily contactable, how do insurance brokers ensure that client enquiries are dealt with promptly when out of the office or away from their desk? It is inconvenient and expensive for staff to carry two phones, so it should come as no surprise that more than a third of insurance firmsĀ have adopted BYOD.