InsurTech Center

Using customer insights to create insurance people actually want

There is only one thing worse than not getting any customer insight, and that's getting customer insight and ignoring it.

By William Trump | December 20, 2021 at 08:00 AM

Many customer surveys do little more than confirm what the surveyor wants to hear. (©svetazi/Adobe Stock)

Insurance companies are constantly building new products. But many of those products end up failing because what insurance companies think consumers want is often at odds with what consumers actually want.

With so many layers of checks and balances inside insurance organizations, you’d expect this not to happen. Perhaps the problem is that companies often make big assumptions about their customers’ preferences and behavior in order to support their ideas and then take them to market. If those assumptions are wrong, then the idea may turn out to be flawed, and the launch a total flop.

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