Insurance moments that matter

What we did, and why

In Q3 2021, the Asset Management CX Forum gauged the difference between the investment client journeys of insurance firms (like life, property and casualty insurers, and re-insurers) and those of mainstream institutional clients (like pension funds, corporates, or endowments).

With a focus on the parts of insurance companies that bear the risk of their assets and liabilities, this project identified:

  • The insurance moments that matter.
  • How their needs and behaviours differ to institutional clients.
  • The behavioural effects asset managers want to stimulate, observe, and measure in these clients.

The findings are important if you have insurance relationships that are valuable to your business.

Insurance moments that matter

As a type of client, insurance companies achieve their goals with a unique mix of internal capabilities, investment approaches, and governance. Crucially, they also operate under a distinct set of regulatory aims and constraints.

This project explored these differences and identified nine specific needs across their end-to-end client journey.

We then deepened our analysis to identify 15 moments that matter, established any unique requirements they raise, and defined the behavioural effects asset managers will want to create in these clients at those moments. As you can see in the summary table below, 12 of the 15 moments have unique features because insurers have either different needs and / or behaviours compared to institutional clients.

The scale of these differences highlighted how these relationships are particularly broad, deep, and intimate – especially when compared to mainstream institutional ones.

A key conclusion, therefore, was that a well-managed CX could be particularly impactful in this setting, thus establishing the case for designing an insurance version of the industry CX benchmark.

12 of 15 moments that matter to insurers have unique requirements

Insurance Client Experience Benchmark

In response, asset management firms from the forum are preparing to join a pilot project in January that will design a CX benchmark that will enable them to measure, compare and predict the insurance moments that matter.

Pilot projects are a great way to engage with your peers and establish your CX measurement capability. They yield actual insights. And they are free.

Download the full research to explore the in-depth analysis and see how we will design an insurance CX benchmark. If you have valuable insurance relationships and are interested in joining the project, we would love to hear from you.

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