Our Singapore survey respondents want insurance to be more tailored to their needs with three-quarters preferring or strongly wanting more personalized long-term savings, life and health products.They are ready to share their personal data in exchange for product improvements such as enhanced claims processes, cheaper premiums and more personalized services. However, insurers also need to stay focused on long-established customer imperatives, including affordability and a preference to purchase insurance through representatives and agents.
“While insurers recognize the importance of being data-led, customer-centric organizations, they have yet to master translating data at speed into impactful insights and actions. With the right data and technology capabilities in place, insurers can compete through rapidly creating more innovative and personalized products. These products will be increasingly tailored to each customer’s needs with real-time dynamic pricing and appropriate nudges to help the customer decide on the right product, at the right time and place, with the right premium. The insurers who can crack the code of integrating data and technological tools with their business strategy will be the ones that stay ahead of the competition.”
Erienne Wong, Managing Principal, Singapore
