3 new 'big ideas' on tranforming the customer mindset in protection insurance

In 2019, EY produced a paper entitled - From benign to bold: the big opportunity for the UK individual protection insurance market. In this paper, the EY team combined their thinking with leading protection market experts. EY teams identified a number of 'big ideas' that could move the industry closer to fulfilling its economic potential and help it keep up with the demands of modern society.

Ideas included:

radical simplifications to the underwriting process and the questions applicants are asked
shifting towards using more socially acceptable risk criteria
and 'transportable cover', where a customer leaving employment for self-employment could easily switch from an employer-paid policy to a personal one

A common thread across many of these ideas was that the intelligent use of technology, data and analytics was necessary to create stronger customer engagement.

In February 2019, EY surveyed a nationally representative sample of 1,000 UK consumers which probed their mindsets and attitudes towards protection insurance. This further research focused on:

why the insured purchased protection insurance
why the uninsured don't
and how protection providers might 'turn the dial' on each of the four elements of engagement i.e. simplicity, affordability control and trust

Click here to read the full article on their findings.

An EY report