With a team of two master thesis students from the University of Chalmers in Gothenburg, we have interviewed 10 decision makers from both the traditional P&C insurance industry and InsurTech companies. The purpose of the study has been to understand the challenges regarding customer loyalty of an industry facing disruption and to identify areas that need intensified focus.
The challenges that are described more in detail in the study:
Touchpoint relevance throughout the customer journey
Transparency in order to create customer trust
Create customer value by differentiation
Rewarding customer loyalty
KPI’s to monitor loyalty and identify sales opportunities
Based on these challenges, which really should be seen as opportunities, the study has identified three main areas for insurance companies to focus on in order to create customer loyalty and thereby increase customer lifetime value in the age of disruption: