What Insurers Can Learn from Retail

No one has a crystal ball, and predicting the future is, of course, impossible. However, we can refer to some of the trends outside the Insurance Industry and look at how that segment interacts with its customers and how customer service is evolving due to competition or new market entrants.

I take as a starting point the changes that retailers have implemented in the last 10 years to retain market share or increase customer satisfaction, and there are, of course, many lessons learned in that space for companies' fortunes that don't adapt and change. Successful organizations such as Amazon, Vinted, and Ali-express have thrived, and those that have not faired so well are Debenhams and HMV. In each case, these organizations have read the opportunity in the market either well or badly, and the results speak for themselves.

So why is the focus on retail so important for Insurance Companies and the Insurance sector?

Well, smart insurers will likely think more like retailers to remain relevant, not squander opportunities to compete with the market and introduce differentiated customer service offerings.

Most advisors have long been predicting that the personal line and some commercial segments will move from a cover and…