SINGAPORE INSURANCE SURVEY 2023

To Keep Pace With Customer Demand For Personalization, Insurers Need to Master the Rapid Translation of Data Into Customer-Centric Products and Services 

Our Singapore survey respondents want insurance to be more tailored to their needs with three-quarters preferring or strongly wanting more personalized long-term savings, life and health products.They are ready to share their personal data in exchange for product improvements such as enhanced claims processes, cheaper premiums and more personalized services. However, insurers also need to stay focused on long-established customer imperatives, including affordability and a preference to purchase insurance through representatives and agents.

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SINGAPORE INSURANCE SURVEY 2023

  • Capco
  • Published: 17 August 2023


“While insurers recognize the importance of being data-led, customer-centric organizations, they have yet to master translating data at speed into impactful insights and actions. With the right data and technology capabilities in place, insurers can compete through rapidly creating more innovative and personalized products. These products will be increasingly tailored to each customer’s needs with real-time dynamic pricing and appropriate nudges to help the customer decide on the right product, at the right time and place, with the right premium. The insurers who can crack the code of integrating data and technological tools with their business strategy will be the ones that stay ahead of the competition.” 

Erienne Wong, Managing Principal, Singapore

 

 

OTHER REPORTS


1.

HONG KONG & GREATER BAY AREA


2.

THAILAND


3.

MALAYSIA


4.

UNITED KINGDOM


5.

SWITZERLAND


6.

GERMANY

Capco Global Insurance Survey: Belgium Report Available Now

7.

BELGIUM


8.

POLAND


9.

ITALY


10.

UNITED STATES


11.

CANADA


12.

BRAZIL

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