EDUARD SARGSYAN

The essential element of a modern, customer-centric insurance business

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What does the future hold for the insurance industry? For centuries, insurance has served as a foundational pillar of financial security. Now, the industry stands on the brink of yet another major revolution—a digital one—one that is driven by an unyielding commitment to improving customer experience.

According to the Experience 2030 research, many brands are indeed reconsidering the very essence of customer experience (CX) as well as the digital technologies they will need to deploy to deliver rewarding experiences that are personalised, trusted and drive loyalty.

Insurers that cannot deliver the level of CX expected by today’s standards risk losing not only customers and revenues but also shareholder value – and a viable market position.

Technological advancements like advanced analytics, deep data insights, and artificial intelligence (AI)-driven decision-making have gone beyond offering just an innovative advantage. They have become indispensable in various core insurance processes, including underwriting, pricing, claims processing, fraud detection, payment integrity, along with customer engagement.

The real question is whether insurers—many of whom remain deeply rooted in long-standing, traditional practices—are truly aware of how to harness these technological advancements to optimise their internal operations, enhance risk management, and ultimately deliver more meaningful value to their policyholders.

The financial sector’s AI leap