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The COVID-19 pandemic changed the structure of everything we experience, from how we work and socialise to how we shop. A survey by Freshworks, a customer and employee engagement software company, found that post-pandemic customers are more empathetic – but also more demanding. Among its conclusions, it found that 68% of customer service managers have seen an increase in customer expectations since February 2020, and 71% experienced an increase in overall contact volume and expect it to increase further.
In its 2021 Global Marketing Trends survey, Deloitte Consulting found that modern customers recognise service enhancements. 58% of respondents were able to name at least one brand that made improvements to its customer experience after the outbreak.
Capgemini’s CARE approach – Convenience, Advice, REach – integrates humans and machines to drive a more meaningful, productive, and frictionless digital customer experience. Something that many insurance companies aspire to provide, but few achieve. Today, policyholders no longer hesitate to drop a service provider in pursuit of a more effective CARE solutions provider.
Insurtechs are leveraging the inflow of investor capital to further improve CARE offerings through digital technologies, including Artificial Intelligence, advanced data analytics, application programming interfaces and the Internet of Things. They’re mindful of customer expectations and, while convenience has been at the centre of their focus, their attention is now shifting towards reach.
Insurance is moving from product selling to customer CARE and protection, and as the lines between insurance industry participants blur, the report predicts two scenarios emerging enabled by continued access to capital:
Franklin D Roosevelt wisely said: “We cannot always build the future for the youth, but we can build our youth for the future.”
Our technological and digital landscape is evolving incredibly fast. This has radically changed the nature of the risk landscape, specifically for the youth of South Africa.
It seems as if 99.9% of South Africans are having the same conversation – on repeat – with friends, partners and colleagues. It centers around our collective anxiety about whispers of an upcoming recession, rising petrol and food prices, and what the uncertainty regarding global financial markets means for our standard of living, our jobs, and our business.
The devastating floods that rocked KwaZulu-Natal (KZN) in April 2022 were some of the worst experienced in recent history. Over 450 people lost their lives, hundreds of homes were destroyed, and businesses experienced monstrous losses across the board. Small and medium-sized enterprises (SMEs) were the hardest hit because of insufficient insurance coverage and preparedness.
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