Transformation in the Expectations of Insurance Policy Holders: A Wake-up Call for Insurers

The insurance industry is in a transitional stage due to the recent changes in customer expectations. The Annual Global CEO Survey, conducted by a reputed network of firms, spread over 158 countries, has recently highlighted this fact. In this survey, 58% of the interviewed insurance company’s CEOs were found to be concerned about the shift in consumer spending and behavior. However, it is quite surprising to note that despite being wary of shifting customer expectations, 90% of these CEOs were confident of improving their revenue growth in the coming decade. Thus, it would be safe to say that insurers need to take all possible measures that may have a positive impact on their overall efficiency and client satisfaction.

In the present scenario, any insurance firm that us focused to come out on top needs to adopt innovative solutions for managing insurance policy documents. Furthermore, insurers also need a reliable, affordable and user-friendly platform for providing efficient service and support to the current day customers. For this, insurance companies have the option to invest in a standalone solution or use web-enabled cloud solutions. The latter is obviously a more cost-efficient option and can also help insurers to improve their brand value. A web-based business insurance policy management solution is offered via a client portal, and has many benefits for both insurers and policyholders.

Unlike standalone solutions that require substantial initial and maintenance investment, online solutions for management of insurance policy documents can be subscribed on a pay-as-you-go basis, which obviously is a much more cost-effective option compared to similar legacy solutions. Moreover, modified versions of these solutions are available for managing an individual or business insurance policy for the customers.