In recent years we have heard a lot about the complexity of insurance putting clients off, and that products need to be simpler. We also hear about how clients like personalised products, for example:
“Personalization” has become a buzzword throughout retail financial services, not just insurance. Research from Accenture suggests that 80% of insurance customers are looking for more personalized offers, policies, and recommendations from their auto, home, or life insurance providers. Click here to read more from this article from Matt Battersby at RGA.
It can be easy to think of these as competing requirements. That personalisation means complexity, and that simplicity means standardised. That may be because of an excessive focus on our own challenges as manufacturers or advisers (and I identify with you in this context). After all, a new smart-phone is a very complex device. Although it is highly standardised at the point of manufacture, by the time the user has possessed it for even only as long as a few weeks, it no longer becomes easily interchangeable with any other device in the world. Yet compared to a modern PC it is substantially simpler: you turn it on and start. With a low engagement product like insurance that is unlikely to ever be the case with us, but it is an ideal, a kind of pole-star which signals direction of development. Simpler and more personal, with effective expert support available both at the point of purchase and online, instantly.