Why insurance companies want to be your best friends

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A more personalised approach could be beneficial to both insurers and their clients

Time was, the less you talked to your insurer, the better. Whether the product was auto, life, property or cyber security coverage, customers paid their premiums and hoped not to speak again until renewal time rolled around. Insurers, meanwhile, were largely reactive. They focused on responding to claims and mostly used data to select customers and set pricing. Now some companies are turning the equation on its head.

“We’re trying to move away from a business model that focuses on deaths and claims to one that focuses on helping people live longer, healthier lives,” Roy Gori, Manulife chief executive, told the recent FT Global Insurance Summit. Vitality customers are twice as likely to say they would recommend the programme. Corporate insurers are also now helping clients identify and reduce risk. They hope this will take the sting out of rising premiums and generate consulting fees.

 

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