Insurers Charged on Innovation, Change in Business Strategy - THISDAYLIVE

Insurance operators at this year’s edition of their annual chief executives’ forum held in Abeokuta, Ogun State, deliberated much on how to build stronger insurance institutions with enhanced performance.

Delivering a paper titled: ‘time for a make over,’ Managing Director Accenture Financial services, Tolu Leke, said at this stage of customer awareness in all businesses, insurers should realise that risk-averse culture had become a block and that historical processes, lack of knowledge about customers’ desires and a shortage of skills needed for future success were limiting their ability to rising customer expectations.

“Perfection of means and confusion of goals seem, in my opinion to characterise our age caring about customers and seeking to serve them well is not a new concept,” she added. She insisted that companies that are rated high in customer experience significantly outperform others, adding that this comes down to deeper connections with customers who are then willing to pay more, willing to buy more and willing to spend more frequently.

Comparing the performance of the sector in terms of customer satisfaction, Leke, said customers were moving at a faster speed than the operators.

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