Gartner Research

Survey Reveals Customer Diversity Drives Complexities, Risks and Costs for Insurers

Published: 27 March 2015

ID: G00274036

Analyst(s): Kimberly Harris-Ferrante

Summary

Insurance business and IT leaders have a simplistic view of consumers, failing to understand that consumers are diverse — ranging from those preferring traditional interactions to those who prefer digital. A multifaceted, multichannel approach is required to manage this diversity.

Table Of Contents
  • Impacts

Analysis

Impacts and Recommendations

  • Supporting consumer diversity will require that insurance CIOs significantly increase their IT budgets to support new digital channels and ensure that all existing channels are enhanced to better support the customer experience
  • Insurer CIOs unable to meet the transactional demands and channel preferences of their target markets will fall victim to new competitors with better customer intelligence and interaction models
  • Consumer understanding of insurance terminology continues to be a problem, which will hamper the adoption of automated, self-service channels among many consumer groups and will result in low ROI for digital channel use for insurer CIOs

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