This may sound like a riddle, and in some ways it is:

When it comes to insurance,

If they don't "get it," they won't get it.

If they don't see the need, they won't need it.

We can't value our experience if they can't experience our value.

What does all of this mean? Let's dig a little deeper.

Much has been said recently about the Customer Experience. It's a board level topic. Everyone knows that it is important. We are busy transforming experiences, journey mapping and "digitizing" our organizations.

Related: 10 lessons in customer journey mapping for the insurance industry

Too much of what we are doing, however, is a frenzied reaction to a market scare instead of a thoughtful reaction to reality. We are afraid that new generations aren't interested in insurance and we are petrified that if they do see the need, they won't reach us through our pre-digital age channels.

This is all true and valid.

But if we operate solely upon these premises, we're going to miss the meat of the issue. The customer experience is important, but it works hand-in-hand with a general understanding about the need for insurance and how insurance works. As attention spans narrow, demographics shift and insurance needs morph into new risk areas, the customer experience must include thoughtful ways of injecting insurance precepts into new methods for consumers to research and learn about what insurance does.

In other words, if they "get it," they'll get it. If they see the need, they'll need it. And they will value our experience if we can help them experience the value.

Because technology now plays a role in all facets of insurance experience and education, it may be helpful for insurers to have their own deeper understanding of the shifting nature of insurance researching, buying and servicing. For our lesson, we're going to turn to the customer so that we can grasp their perspectives on purchasing insurance within the context of the full customer experience.

As we step into the digital age, we want to be walking in their shoes.

Related: 10 trends impacting the insurance industry

Consumer and small-medium business perspectives

Majesco conducted some primary research last year with consumers and small to medium businesses, to find out where the insurance industry stands in their eyes. The goal was to document their perceptions so insurers could use the insights to craft new experiences that would meet and exceed expectations. One of our key findings was that insurance is perceived as too confusing.

Related: 5 hallmarks of insurance industry digital leaders

Did insurance just become confusing, or did we lose sight of the customer? Who moved?

Insurers' primary focus has been on the product. Services were those things we did to support the product such as underwriting, billing, and claims. A few services might be offered with the product like roadside assistance, but for most products that has been rare. As a result, insurance is an intangible and to the customer, intangible can be unintelligible. In insurance, customers pay for a protective concept, not a physical asset. (Source: Majesco)

Traditionally, the agent or broker's job was to explain and reinforce the value of insurance to the insured, helping them to "get it." Peace of mind was sold as an actual product. You could have peace of mind that insurers would make you "whole" if your home was damaged, you were in an accident or if a death occurred to help cover the needs of the family.

Majesco found in its survey that the greatest understanding in insurance was among those in the Silent Generation — many of whom bought into the traditional "peace of mind" product.

But confusion rapidly grew in the younger generations.