Value-added services can help insurers improve profitability, own the customer interface, and reinvent their product offerings. To capture these benefits, companies must understand the changing needs of customers and brokers and expand new services beyond a core offering.
The global commercial lines insurance market is under pressure: in recent years, it has suffered from declining profitability and cyclical growth. Brokers are increasingly owning the customer interface and excess capital is diminishing margins.
In this market, insurers must reinvent their products and services offerings to remain competitive. Value-added services hold enormous potential to react to changing customer and broker needs, but insurers will need to define offerings that go beyond the current core to truly monetize.
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