Aligning Insurer and Customer Priorities for Protection and Profit

You are shopping for a new refrigerator.

How do you choose?

One is the right size from a durable brand but lacks features.

Another is a little larger, but it comes with a touch screen and speakers.

It tells you when it needs a water filter, then it shows you how to replace it.

It is far more expensive, but maybe less reliable.

At the end of the day, what you really care about is that your food stays cold and doesn’t go bad.

Which do you choose?

From the manufacturer’s perspective, high-tech refrigerators require complex motherboards, regular software updates, and technician training.

On the plus side, they sell well.

They meet the needs of the digital customer.

They are profitable.

New technologies are helping to predict and prevent breakdowns.

Manufacturers could scale back and sell only the simple machines, but that road leads to lower market share.

Common sense says that to grow requires alignment with market demand and expectations.

Insurers and customers — how do they align to meet needs and goals?

When it comes to life (and insurance), customers are strained with similar decisions — cost being one of them.

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