Why customer-centricity drives insurance innovation
© HSB Canada

Why customer-centricity drives insurance innovation

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    In this Q&A, Lasith Lansakara, HSB Canada’s VP Client Solutions and Innovation, highlights the importance of a customer-centric mindset to drive innovation.

    Q: Lasith, why is customer-centricity the most important driver of innovation in the insurance industry?

    I believe that everything starts and ends with the customer. Today’s customer is tech-savvy and wants an on-demand, personal, digital experience - from initial searching to policy purchase, loss prevention and claims. Customer-centricity is about constantly solving problems for them.

    Q: How can the industry become more customer-centric?

    There are many ways, but I will focus on the top three.

    Be curious about the customer

    Gather feedback with research, data and analytics to help understand customer needs, and tailor your offering to meet those needs. Get into the mind of the customer and try to understand how they interact with, and engage in, the insurance process.

    Make it easy for the customer

    Ultimately it’s about creating offerings that make it easy for the customer to do business in their preferred channels. For example, if a customer is purchasing a credit card, they might also be looking for some degree of identity theft insurance coverage at that precise point of purchase.

    Another way is to design the right type of product for similar customer groups or archetypes. This moves us away from the traditional one-size-fits-all approach. An example would be to offer a specialized product for a segment of accountants vs restaurateurs.

    Communicate with the customer

    Make it easy for customers to understand coverages and benefits and be transparent about products, services and the claims processes.

    Typical insurance language is difficult for the average consumer to understand. We now live in a world where customers are able to purchase insurance through non-traditional channels. So it’s important to simplify language and provide a better user experience throughout the entire insurance journey.

    Lasith Lansakara and his team focus on creating new products and solutions, as well as leveraging alternative distribution channels.

    Connect with Lasith on LinkedIn

    This article is for informational purposes only and is not intended to convey or constitute legal advice. HSB makes no warranties or representations as to the accuracy or completeness of the content herein. Under no circumstances shall HSB or any party involved in creating or delivering this article be liable to you for any loss or damage that results from the use of the information contained herein. Except as otherwise expressly permitted by HSB in writing, no portion of this article may be reproduced, copied, or distributed in any way. This article does not modify or invalidate any of the provisions, exclusions, terms or conditions of the applicable policy and endorsements. For specific terms and conditions, please refer to the applicable insurance form. Posted on 5 April, 2023