Targeting Innovation: How Your Customers Might Respond

Delivering innovation is an increasingly important element of insurers’ strategies, But do customers recognize the value of innovation in insurance? How are they likely to respond to various types of innovation, and will this impact their loyalty?

This report from Celent looks at how insurance innovation initiatives are viewed by consumers. In a survey designed to probe several of the most likely areas for improvement, consumers voiced their opinions on specific service, product, and sales investments.

“The voice of the customer comes through loud and clear,” says senior analyst Mike Fitzgerald, who coauthored the report with Celent’s CEO, Craig Weber. “They highly value improvements in service processes and want to see these prioritized ahead of changes to sales and product.”

“A robust 76% of respondents rated innovation target areas as high potential or modest potential, suggesting that consumer appetite for innovation is high,” says Weber.

The report provides customer scores on both improvement and retention. It uses a segmentation approach to illustrate which innovations are most important to specific customer groups.

The report is based on a survey of over 800 consumers in North America.