2022 is the year of game-changing trends

Keep up with the customer expectations

2022 is already stumbling upon disruptive scenarios that will accelerate change and create significant opportunities for those prepared to meet the demands of a new generation of dominant buyers, changing risks and rapid adoption of technology by customers.

To not lose business and to keep up with the customer expectations you must prepare your business to respond and meet the demands of the ever more connected customer and the general insurance marketplace.

An increased desire of value-added services

Millennials and Gen Z do not follow a traditional lifestyle and they have become the most dominant buyer of insurance. They have different insurance needs and greater expectations. Their increased desire for value-added services and expectations will drive demand for new and innovative offerings. This includes that insurers must support a broad array of digital payment options as the new generation’s use of money is more digital than previous patterns —both when it comes to paying premiums as well as paying out claims.

Thanks to the pandemic, more people expect to work remotely over the next coming years, and this trend does not seem to have an end-date. Working remotely has not only opened up the opportunity for working cross-borders, it means that policyholders will spend more time at home or at rental offices, which will put new demands on the insurance providers. 

Trends insurers must consider: 

• The non-traditional lifestyle of the younger generation dominating the insurance industry.
• The customers are remote and work-life-balance has been implicated by the pandemic and will most likely enable more people to work from home and cross-borders thanks to today’s digital capabilities. 
• Insurers must add value in their services as the new generation demands and expects more. 
• Adaptation of digital payment options needs to be embedded in the solutions and offerings.

Customers are driving the digital claims shift – not the insurers

Insurers are increasingly dependent on emerging technologies and data to drive efficiency, enhance cybersecurity and speed up time-consuming work tasks across the organization. However, focusing on the customer experiences by both streamlining processes with automation as well as providing customized service where it’s needed and preferred is vital.

Customers are driving the digital shift with an “outside-in” demand, where they must move away from a transaction focus to create holistic, compelling experiences. Insurance companies must reinvent themselves and deliver customized products and highly personalized services to meet new expectations from customers and keep up with new digital leaders and disruptors who move fast and agile and work with the complete customer journey and not only segregated parts of the insurance lifecycle.