Customer centricity is the wave of the future for property & casualty insurance, but many carriers have yet to catch up with their competition. In this version of Virtual Viewpoint, we ask Denise Garth, the executive vice president of strategic marketing and industry relations, and global head of market strategy for Innovation Group North America, whether insurers have become customer centric and what steps they need to accomplish to move in that direction.

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

In many respects, the answer is no, but insurers are beginning to embrace and develop additional accessibility options, product customization, new distribution channels and service differentiators as part of the path to true customer-centricity. While the insurance industry often lives up to its reputation as being slow to adopt new technologies and virtually incapable of innovation, the bottom line is that today's customers want "it" and insurers must adapt and respond rapidly or face the consequences.