Insurers are shifting their focus from cost-cutting initiatives to revenue growth as financial markets stabilize and premiums rise to healthier levels, according to Capgemini’s “2013 World Insurance Report.” However, customers remain price sensitive, and insurers should consider multi-distribution initiatives, specifically mobile, to decrease operational costs and increase retention and loyalty, the report said.
“While face-to-face remains the primary form of interaction for most insurance customers, mobile has become vital in the drive to meet customer needs in terms of access, with a growing number of customers using their mobile phones to engage with insurers. In fact, mobile is becoming the channel of choice for a number of customer interactions, especially on the research and servicing side, so insurance executives are exploring different ways in which mobile can play a role throughout the insurance value chain,” the report reads.
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