Home & Legacy head of claims Andrew Reid looks at satisfying customer demand in the high net worth market
With technology making more information available from an ever-increasing number of sources, customers are more empowered than ever before. Forrester calls this ‘the age of the customer’, and says our expectations of the brands we interact with have become elevated.
Disruptive technology continues to provide customers greater choice and one of the challenges for our sector is not just meeting elevated expectations, but keeping up with what these new and changing expectations actually are.
Success in the high net worth market has always depended on satisfying customer demands and exceeding expectations. When it comes to claims handling, we know it is about the quality of communications between us and our broker partners and policyholders. It requires proactivity and expertise as well as the experience and authority to make good decisions. Ultimately delivering faster, fairer claims settlements.
With customer expectations continuing to rise, we can be sure this effect will be magnified with our high net worth clients. You could be forgiven for wondering how our sector in particular can keep up. What more will our customers expect?
There is no need for high net worth specialists to be unduly concerned. Meeting the needs of more discerning customers is our business. We already understand that our customers are entitled to be more demanding and our market thrives on going above and beyond expectations. We understand better than anyone the lifestyles and needs of our valued clients. The age of the customer is a time to showcase our skill, and our close relationships with brokers and policyholders.
Enhanced use of technology will play an increasing role in the future of claims handling, as customers will expect to access live information about their ongoing claims. Portals where customers can log in and get real time updates on their claims will become a minimum requirement. More choice and flexibility in the way claims can be reported will present an opportunity to differentiate us from standard market providers.
But we must never lose sight of the choice that policyholders and our broker partners must have. Both in access to effective online platforms, as well as high-quality, skilled and experienced claims handlers when they need it most.
The age of the customer is an exciting and challenging time for insurance claims. And high net worth specialists have the crucial advantage of experience and expertise to meet and exceed these growing expectations.