Building CX-led peer-to-peer micro insurance
The Digital Insurance Agenda held at Amsterdam in 2022 offered great insights into the future of insurtech. Over 1,200 attendees from some 60 countries participated in the event. It included more than 100 insurtech show and tells, deep dives, keynotes, and round tables.
TCS, along with a leading Norwegian insurer, presented a session on how to build and boost a connected peer-to-peer micro insurance platform that’s driven by a superior customer experience.
The session drew attention to challenges faced by the insurance industry. With the competition for customer attention increasing, the challenge of obtaining customer mindshare has intensified. Insurance companies are moving away from being one-time service providers. They aim to be a part of the entire customer journey and develop an ecosystem of services. To further this goal, insurers must look at orchestrating the customer experience across channels.
A solution to this challenge presented at the session was a social platform developed by the insurer and TCS. The platform applied a behavioral design approach to enable peer-to-peer sharing of goods and services. Such a platform would prevent overproduction, which was one of the main causes of the climate crisis, and pave the road ahead for sustainable cities and communities.
The session highlighted the importance of growing and scaling innovative models, which would require insurers to collaborate with a strong partner who could provide contextual knowledge and cutting-edge technology and bring in the larger ecosystem.