How Will The Personal Insurance Landscape Evolve in 2022?
As seen on IOL
If there’s anyone whose brain you should pick about the evolution of financial services especially in the South African landscape, it’s Berniece Hieckmann. With more than 25 years of experience in banking and insurance – including time as business architect at FNB and in various roles at Momentum Metropolitan – she now heads up Metropolitan GetUp, which focuses on financial services for younger, digitally minded consumers. She discusses the stand-out trends we can expect to see in the personal insurance world, and what these mean for insurers and consumers alike.
Empathy is the competitive edge
No matter how quickly digital is adopted across the booming insurtech or more established traditional insurance worlds, consumers are still looking for the warmth and understanding you can really only gain from real-life interactions when there’s been, say, a death in the family, or a home invasion. And yes, this applies to historically digitally driven Gen Zs and millennials, too. “Our research shows that these groups have noted that they far prefer these real-life interactions for high-stakes situations,” says Hieckmann. “Machines cannot create the warmth needed to reduce anxiety and get someone in a stressful situation to a level of comfort where they can proceed to make more functional choices and decisions.”
To stand out as an insurer who embraces this gap, Hieckmann says businesses need to know when to provide the efficiency of digitisation versus the comfort of human engagement. A new emphasis on a far more integrated, seamless service channel experience, as opposed to simply adding new digital channels, is an important consideration here.