This research reveals the way how insurers can leverage on engaged users to improve their loss ratio.
Whoever runs the customer relationship in the mobility project, especially in insurance, should consider creating a comprehensive customer engagement program in order to get the most out of the usage-based program. It gives valuable insight to insurers on how to build and maintain the relationship with customers for an improved loss ratio.
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Up until now, consumers have interacted less with insurers than with any other industry, so the consumer experience with insurers tends to lag behind others. However Internet of Things technologies will drive fundamental change in this respect, and facilitate the adoption of new communication channels in insurance business. Insurance companies will meanwhile find it very useful to get insights into customer communication best practices from other industries.
Customer communication for the telematics-based insurance products has not been getting the deserved attention. In this whitepaper, we summarize currently available market research on the topic of customer communication in insurance business and combine it with our own research in order to give a comprehensive view on this important issue. For the purpose of this whitepaper, Amodo researched close to 50 different insurance companies which offer telematics-based insurance products.