Customer centricity is the wave of the future for property &casualty insurance, but many carriers have yet to catch up withtheir competition. In this version of Virtual Viewpoint, we askDenise Garth, the executive vice president of strategic marketingand industry relations, and global head of market strategy forInnovation Group North America, whether insurers have becomecustomer centric and what steps they need to accomplish to move inthat direction.

Garth: For businesses, it all comes down to onething…satisfied customers. Without them, it's time to shut thedoors. But, today's customers are harder to connect with, predict,and serve effectively. They are on the phone, online, and ready foraction. But, are insurers?

In many respects, the answer is no, but insurers are beginningto embrace and develop additional accessibility options, productcustomization, new distribution channels and servicedifferentiators as part of the path to true customer-centricity.While the insurance industry often lives up to its reputation asbeing slow to adopt new technologies and virtually incapable ofinnovation, the bottom line is that today's customers want “it” andinsurers must adapt and respond rapidly or face theconsequences.

Some insurers have sprung into action and, somewhatsurprisingly, spawned waves of new technology capabilities. You canwitness this today through the incorporation of customer experiencecapabilities, including mobile and social, into basic insuranceprocesses and transactions. Smart insurers are preparing themselvesfor the future by developing and enhancing agent anddirect-to-consumer portals, ramping up cutting edge mobilecapabilities, and integrating advanced analytics with core policyand claims administration systems for a 360 degree view of thecustomer.

Many recent industry studies show that attracting and retainingcustomers is either the number one or number two priority forinsurers. With an increasingly competitive marketplace, growingchannels, new market entrants and the impact of increasingcatastrophes, customer demand and expectations of superior serviceis escalating rapidly, and it is up to you to meet those needs. Ina 24×7, on-demand world, the old ways don't work and don't satisfycustomer needs. Keep in mind, if you don't serve yourcustomers, someone else will.

Highlighting this fact, recent Forrester research puts it thisway, “Emerging technology changes how insurers are engaging withcustomers. T-Mobile has changed the way we envision aninsurance company. This means that initiatives to deliver sales andcustomer service business capabilities must be mobilized.”

That said, the advantages of focusing on the customer usingtechnologies like mobile, social, analytics and more make insurersmore customer-centric, and truly future-ready, which cannot andshould not be ignored.

Garth can be reached for further comment or information viaemail at [email protected].