The role of data in the insured customer experience

Category: Seguros, Tecnología, covid19

The role of data in the insured customer experience

Covid has accelerated change for the customer and, although it has affected all industries, it has been felt most strongly in the insurance sector. It is a time of mutation that affects all customer environments and their relationship with insurance (home, life and health, mobility...) and it is important to think about how we are going to use technology and data to optimise the relationship in this new context. 


What does a post-COVID customer look like for insurers?


During the pandemic, there has been a reset in all aspects of personal and professional life, which has translated into a questioning of previous habits and changes in the activities of what we considered normality. We are facing a customer who is more open to trying new products. 



Undoubtedly, one thing the new consumer is demanding is the online channel. During the pandemic, users have been forced to buy things for the first time digitally that they used to buy physically, and users adapted to the medium have increased their use. This situation calls for new, more sophisticated services: we now have a large mass of more sophisticated digital customers who are here to stay. 

There will be less interest in products with higher premiums, less tangible and more distant fulfilment.

José Ignacio Albaldejo, Strategy Director at The Cocktail

What is happening to the insurance industry?


The biggest problem has been the lack of understanding of the complex side of insurance. Traditional complex products and services are designed to be explained by one person in an office, without that, the customer is left adrift. The need arises to simplify portfolios, to use channels that are adapted to the customer's knowledge and personalised according to their knowledge, and to offer a more flexible value proposition. 


As in any crisis, a greater sensitivity to price emerges. The particularity in this case is that there is a greater perception of uncertainty. Given this uncertainty, an opportunity arises for health insurance, death insurance, travel cancellation insurance... Insurance is positioning itself as a more relevant product.      




The self-management trend. 22% of customers preferred to manage certain processes autonomously and would be willing to pay extra. Technology and data come into play as levers to create an improved experience.


The trend of prevention, which has accelerated this 2020 as one of the most demanded points. Already last year, 27% of policyholders prioritised prevention when taking out insurance.