The insurance market has long been perceived as relatively closed off from the upheavals affecting other industries given the very nature of its highly regulated activity, focused on long cycles.
This is no longer the case, as the industry faces a changing environment:
In order to stay in the race, Insurance Companies’ first challenge is to rethink the way they approach customer interactions. Operationally, internal practices and relationships with third parties, particularly in the areas of distribution and claims management, will have to adapt to a competitive context (emergence of service providers and new distribution formats) and new customer behaviour.
While price positioning remains a critical factor, insurers will also have to work on quality of service, their image as perceived by customers and their range of complementary services if they want to maintain and develop their attractiveness and build customer loyalty.
Ares & Co supports Insurance Companies in their transformation, in particular by: