To keep pace with evolving customer expectations, insurers must embrace new relationships with policyholders. This requires a fundamental shift in the way carriers serve customers, creating a need for new operating models, products, customer experiences and a shift in the foundational value promised to policyholders.
In this report we will highlight how P&C insurers are using prevention tech to make customers safer and reduce harm - including an overview of leading prevention experiences across home, auto, commercial, and cyber.
The most exciting products aim to redefine what insurance means for customers. P&C insurers love talking about protection, but it is usually limited to customers’ financial interests and doesn’t involve preventing them from actual harm.
Many carriers now aspire for a new role: a shield that prevents harm. In this role, insurers go beyond assessing risk and covering losses and take an active involvement in decreasing risk itself. It makes life safer and creates a mutual benefit for insurers and their customers.