Insurance Benchmark 2017: Digital Customer Proximity between Tradition and Disruption

The Insurance Benchmark 2017, which has been published for the fourth time, examines the Customer Proximity of the Swiss and German insurance companies in the digital environment. Furthermore, the Benchmark explores how the InsuranceTech Start-ups from the US, Switzerland and Germany and their disruptive business models affect the market.

In brief

Our fourth Insurance Benchmark reveals which traditional and which disruptive forces currently influence the Customer Proximity. Today, insurance companies must be closer to their customers and their needs than ever before. Emotions, relevance and usability play a decisive role here.

Both new players and traditional insurers have not exhausted their potential yet, and there is plenty of room left. With the Customer Orientation and Usability, the disrupters are a way ahead shaking things up within the sector.

Information about the Benchmark

The Insurance Benchmark combines an internal industry standpoint and the analysis of some selected disruptive business models. The ensuing results offer the decision makers some orientation for their strategic directions in the digital world.

The first part examines to what extent the traditional insurance companies can create an emotional world of experience and helpful interactive services. The second part of the study puts the new providers – the so-called InsuranceTech Start-ups under a more thorough scrutiny: will they in the end manage to produce a better digital proximity with the customers and extend real value-added offers to them?

The most important insights from the Benchmark

Customer Proximity in traditional insurance companies

Since the last 2016 Benchmark, traditional insurance companies have significantly improved: the Customer is in the centre of their digital appearance. New communication channels such as a chat or video advice are applied definitely more often. Still the next strategic steps should bring the approach: less is more.

New players bet on simplicity in the Net

On the other hand, the new players on the market have specialised in presenting the products and services in the Net as simply as possible – with support of the latest technology and minimised design. Hence they are even closer to the needs of the Customers. The Customer is the King here.

On the Customer Journey they are one step ahead compared to the traditional ones: this journey is simple, intuitive and despite that informative. They take the customer away, and do not let him stay behind. Never mind if it is a smartphone, a tablet or a PC – the new players are only a click away through all the touch points. And thanks to their informal tonality and address with ”Du”, they stay closer to the customers.

In spite of that, not all that glitters is gold: also for these insurance companies there is room for improvement. The promises that are made, operate only to a limited extent. And some providers tend to practice currently too much ”advertising policy”.

With the Insurance Benchmark we want to contribute to reflexion and further development of digital services in the insurance sector.

Here is what the Insurance Benchmark offers:

  • Analysis of the digital Customer Proximity in traditional insurance companies and in disruptive business models
  • Analysis of the development potential of the entire insurance sector
  • Identification of differentiation potentials
  • Change potentials of the disruptive business models