For example, everyone has different insurance and financial planning requirements. Data points from a customer’s lifestyle can inform us about their pain points, needs and preferences, and leveraging such insights for potential product and service innovations is a huge opportunity. The key to this is using data to build up a detailed understanding of an individual lifestyle, whether that of a parent, retiree, delivery driver or gigging musician. Optimizing the end-to-end customer experience is essential. And they need to focus on how the product is delivered to customers and how it will be used. Organizations need to examine how different marketing channels work together to build a positive brand experience. Constantly testing new ideas on different customer segments allows more relevant and desirable products to be developed.īut customer-centricity needs to go beyond the product. There is always an experience that customers will be better attuned to.”Īnd this is true regardless of the customer segment. “Whatever the product, improvement is always possible. Keeping the focus on customer experience is the most important way to reduce risk, Tiong says. However, when innovations do succeed, the payback can be huge. And the process of developing and testing new products and services is costly, whether or not they succeed. But doing this is risky, and not all innovations succeed commercially. Innovation means creating new experiences that create a competitive difference. Insurance is a lifetime investment, Tiong adds, and creating brand loyalty early (Gen Zs are under 25) can increase the lifetime value of insurance to a person by two to four times.īut this is an extremely demanding, tech-savvy demographic, and innovation is crucial for companies that want to succeed and grow alongside it. Comprising around 2 billion people globally (more than one in four of the world’s population), it’s a huge opportunity for the insurance industry to focus on. The Generation Z market is an important one. ![]() “What kind of products can we create to embed ourselves within our customers’ lifestyles?” he asks “Could we become a Netflix for insurance? What can we learn from Apple Pay or Amazon Prime to help us capture the Gen Z market?” Max Tiong, Head of Digital Transformation at Singapore-based composite insurance company NTUC Income, believes that the only way to innovate successfully is to take a customer-centric approach. ![]() This is as true of insurance as it is of any other business sector. To meet these changing expectations, businesses need to innovate constantly. Increasingly, customers expect convenience, an intuitive way to buy and a seamless journey, irrespective of the communication channels they use. Consumer expectations, driven by technology, social change and the pandemic, continue to evolve.
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