Over the next decade, will the biggest threats to your financial services company come from other financial giants — or from the biggest tech companies in the world?
Google and Amazon don’t underwrite policies. They don’t have agents driving new business. They aren’t considered part of the financial services industry. But in one key area, insurers and banks are going head-to-head with the biggest players in the tech game.
Customer experience counts. A generation of consumers is growing to expect instant gratification, and financial services organizations aren’t meeting their needs. Omnichannel, always-connected consumers aren’t grading on a curve just because the financial services industry is slow to modernize.
When today’s consumer experiences long underwriting cycle times, poor agent communication, policy administration hassles, or drawn-out claims processes, they notice: According to CapGemini/Efma, only 25.7% of Gen Y and 28.6% of tech-savvy customers said their insurance experience was positive.
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- Stop throwing good money after bad
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