Retailization in Insurance: Designing for Customer Trust
RETAILIZATION IN INSURANCE: DESIGNING FOR CUSTOMER TRUST
Service providers, financial services, and insurance companies are looking to leading experience providers, like retailers and tech companies to provide the inspiration and examples for how to meet evolving consumer expectations, as well as how to increase trust with consumers. The fundamental aspects of retailization are thinking like a customer and designing for trust, and learning from the leading examples.
Millennials personify the new consumer. They are constantly connected, particularly socially, and they put a lot of emphasis on their values before exhibiting support and passion for their chosen brands. This type of consumer is one that financial services has not seen before, much less had to service. Their expectations are being set by other industries, digitally-led business models from companies like Uber, Airbnb, and Netflix. Studies however, indicate that millennials don't trust the brands themselves anymore - more than 60% of them prefer recommendations from peers and friends.
In this white paper you will learn:
The four shifts in consumer perspectives
How to think like a customer
Principles for financial services transformation
Why getting closer to your customer drives success
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