Rebuilding trust in insurance: Moving to a ‘predict and prevent’ insurance model to reshape the customer-insurer relationship

Insurance has suffered a greater decline in trust than any other financial sector during the pandemic.

Long contact centre queues, frustrating digital and chatbot experiences and adverse publicity about disappointed claimants have all undermined customer confidence. As we emerge into the next normal, there is now a burning need for insurers to build a better customer-insurer relationship.

Fortunately, digital developments present a solution: enabled by AI-driven analytics and burgeoning data from connected devices, the industry has the opportunity to extend its proposition from simple risk mitigation to that of trusted advisor, providing its customers with hyper-personalised risk prevention advice. Join our panel of experts as we discuss the key success factors in making this shift to a “predict and prevent” insurance model, which has the potential to transform trust in the insurance industry forever.

Topics Covered:

  • To what extent could a ‘predict and prevent’ insurance model revolutionise customers’ trust in insurers?
  • What are the critical factors in making this happen? What skills and technologies required?
  • The engagement challenge: what will make customers take notice of risk advice communications, and then ensure they take action accordingly
  • Kickstarting a virtuous circle: how can insurers encourage customers to provide ever deeper access to data in exchange for increasingly personalised and insightful advice?
  • Leveraging and utilising the data: how do you achieve optimal real time analytics?
  • A convenient and frictionless experience: how can risk advice be delivered in ways that suit each individual customer? What are the potential pitfalls and how can they be avoided?
  • From smart speakers to messaging apps: which channels are likely to work best?
  • A new role for claims department: how can practical risk prevention interventions best be organised and trust-inspiring customer experience be ensured?
  • Will insurers ultimately succeed in becoming trusted life partners and, if so, how long is it likely to take?