Discover the nine customer types defining the future of insurance

The next decade will see a fundamental reorientation of the insurance business. The traditional focus on products, policies and paying claims will shift to services, experiences and creating value. Put another way, what customers want and need, not what insurers want to sell or have always sold, will be the dominant driver of innovation and growth.

In this report, we explore the benefits of customer centricity in the insurance industry and provide practical guidance for insurers looking to create more personalized products and services.

The nine customer types — six consumer representatives and three from small businesses — frame both the formidable challenges and unique opportunities insurers face in a highly dynamic market. Not every insurer will focus on all nine of these groups; after all, they require different approaches for targeting and ongoing engagement. However, there are common themes across them, including the need for tailored coverage, personalized service and richer digital experiences. It all adds up to increased value, which, more than anything else, is what all customers are looking for in their insurance relationships.

In the coming decade, insurance market leaders will recognize every part of the business — people and talent, data and technology, strategy and leadership, and operational processes — as critical vectors of change. There are significant performance opportunities within every function, with the highest returns coming from integrated change investments that link efficiency gains with experience enhancements.

We believe those insurers that take an open-minded, proactive approach to change and remain agile in their innovation efforts will enjoy sustainable growth and secure market leadership in the decade to come, despite challenging economic conditions.