By Andrei Skvarsky.
As insurance companies worldwide seek to provide clients with bespoke rather than standard products, nearly three quarters of insurers see customer profiling as the key to success, according to a survey by the Insurance Nexus events company.
Insurance Nexus, which is headquartered in London, said in a report that it had interviewed more than 300 C-level insurance company executives in a poll carried out in the run-up to the planned fourth annual Connected Insurance Europe conference in Amsterdam on May 15-16.
The research company said 72 per cent of them considered intelligent customer profiling their main condition for success.
Artificial intelligence and user experience design were viewed as the chief instruments in product development by 67 per cent of respondents, and data utilisation was seen as the main tool by 64 per cent.
Asked what they saw as the main guarantee of innovation for their company, 54 per cent named partnering with insurance technology (insurtech) firms and only 33 per cent named internal expertise and brainstorming.
Only 53 per cent firmly believed their executive teams were doing major work on product innovation by embracing new technologies.
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