The good news is that the insurance sector is investing in technology and innovation. According to IDC Research, spending on customer experience solutions are expected to grow 7.9% per year, reaching $27.9 billion in 2022.1
With this investment, insurance companies have an opportunity to fundamentally shift how they interact with their customers. By leveraging technology investments and adopting a more proactive risk management mindset, insurers can potentially
place themselves more in the center of their customers’ daily lives. For example, consider how customers proactively think about and manage their finances. They frequently check their banking, credit card, and investing activity to stay on budget and make good decisions. With this level of interaction, those businesses enjoy a larger mindshare and role in their customer’s lives. Insurers can do the same by offering products and solutions that
add value to customers, driving satisfaction and loyalty in the process.