ABI Conference Should Focus More on Customer Relationships, Says Cocoon CEO

The ABI Conference takes place tomorrow, 27th February 2018, with keynote speakers including Nicola Sturgeon, Sam Woods from the Bank of England and respected political journalist and BBC Daily Politics presenter Andrew Neil.

Topics include keeping the UK at the forefront of the insurance industry, plus breakout sessions on cyber threat, justice reforms and regulation – always a hot topic given the uncertainty over the protracted Brexit negotiations.

Insurance-Edge.net will be re-tweeting some of the comments and opinion from the event tomorrow @InsEdgeOnline. Meanwhile, here’s some food for thought from Cocoon CEO Sanjay Parekh, who argues that we need to bring an end to incremental changes to the customer experience, something that the conference does not address deeply enough.

“It’s time to change the nature of our relationship with customers. It should be centred around prevention more than claims and renewals, innovating in this way will lead to more engagement and position insurance as a service that’s really trusted.

The idea of being customer centric is currently ill defined, launching a live chat and mobile app is no longer enough. We need to be more data driven to be better equipped for preventing rather than reacting to problems. If your insurer were to alert you to something that might go wrong before it happens, and then offers you simple ways to prevent it from happening, then you’ll trust them to look after you. In turn, your trust in the insurance brand will grow.

Driving customer engagement early on in the relationship is key to mitigating risk. We can incentivise customers to be more responsible through initiatives such as better insurance premiums for those with smarter homes – kitted out with IoT devices that can detect and prevent leaks and burglaries. This smarter insurance can benefit those who might other see their premiums rise, while allowing us to tailor premiums for customers.

ABI needs to address how we shake up insurance business models and move away from incremental improvements. Lifestyles and expectations are changing rapidly and most of the insurance industry has not kept pace with the changes. The rate of technological change has left open some fantastic opportunities for insurers that are brave enough to break existing models and innovate for customers’ changing lifestyle.”

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