Insurance Awareness Day 2023 and the importance of tailor-made insurance solutions in insurance.

  • 27/06/2023  |
Insurance Awareness Day 2023 and the importance of tailor-made insurance solutions in insurance.

At RGI Group, as leaders in the digital transformation of the insurance sector, we work every day having in mind the significance of insurance in our complex world – and today, on the occasion of Insurance Awareness Day, we want to take a moment to share some thoughts about the importance of insurance solutions.

Insurance Awareness Day, celebrated annually on June 28th, provides an opportunity to educate individuals about the importance of insurance, as well as highlight how innovation in insurance serves as a crucial resource to meet the ever-changing needs and challenges of our world. Thinking of individuals’ specific needs – and how those have changed throughout the last few years – we cannot deny the significance of tailor-made insurance products. For instance, understanding the profound benefits of personalized coverage empowers us to provide exceptional value and solutions to our clients, enabling them to help people navigate life’s uncertainties.

Related to this topic, KPMG has just released a comprehensive report titled “Future of Insurance: Life and Annuities“, which delves into the emerging trends and challenges shaping the life and annuities sector – and describes the evolving landscape of insurance.

Based on the results of a survey involving “439 decision-makers in L&A companies with more than 250 employees and US$500 million in annual revenue in North America, Europe, the Middle East, and the Asia Pacific”, the report highlights the growing significance of a people-centric approach within the industry. Recognizing that customers lie at the heart of their business, insurers are increasingly focusing on finding new, innovative ways to offer personalized experiences, and consequently meet individual needs.

To do this, leveraging data analytics, artificial intelligence, and other technological advancements to gain insights into customer behavior, preferences, and risk profiles will be crucial, as it will allow the development of innovative products and services that align with the unique requirements of policyholders, ultimately fostering stronger customer relationships and enhancing overall satisfaction. Also, the report highlights that 30% of respondents of the report affirmed that “the ability to develop innovative products, services, and technologies is the most important potential benefit of establishing trust with customers” – showing how technology can be an enabler to foster client relationships and gain trust.

Insurance Awareness Day prompts us to embrace the power of having a people-first approach. By recognizing the value of personalized coverage, we can meet people’s needs, and empower individuals to proactively protect their well-being, loved ones, and assets. Let us celebrate this day – as well as our work in this complex industry – aiming to ultimately help individuals appreciate how it can positively impact their lives every day.

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