IBM Insurance:: does the industry really care what customers want? I wonder…

It’s about time I revisited an IBM report from 2008. Why? Because it would appear that NO-ONE IN A POSITION OF INFLUENCE IN INSURANCE SAW, READ, UNDERSTOOD OR ACTIONED ANYTHING THAT IT S-P-E-L-L-E-D OUT!!!

Insurance trnsparency and technologyGuys like Christian Bieck do some really interesting research work. Work that the industry would do well to pay more attention to and this report is a great example of just that: Trust, transparency and technology

How’s this for an introduction?

…what do buyers of insurance really value in insurance? …we found that THE insurance customer and THE customer value do not exist anymore, if they ever did. Insurers who take into account the varied attitudes, values and resulting actions found in today’s markets will have an edge in reaching tomorrow’s customers – and retaining them, despite ever fiercer competition. To achieve this, insurers will need to master trust, transparency and technology…

I reckon that spells things out pretty plainly but, unless I am missing something I haven’t noticed ANY change at all…just a truckloads of the usual rhetoric about professionalism and innovation! We have managers when we need leaders; conformers when we need contrarians; dumbing-down when we need thought leadership; quantity not quality; price instead of value. 

Who actually benefits from buying “risk protection”?

The industry perceives TRANSPARENCY as a threat – hardly reassuring for customers – and, as a result, opportunities to seize competitive advantage and to capitalise upon the benefits of Social Business are lost to many established players. A weakness new entrants will readily exploit. 

If you are involved in the insurance industry and would be interested in participating in further IBM research I’m sure that Christian would be delighted to hear from you: New Study

TRUST can’t be bought it must be earned. The value of trust is incalculable but its price is paid with transparency and that is a cost that the Financial Sector simply cannot afford!

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