Chris Colborn, Chief Experience Officer at Lippincott, kicked off ITC 2019 to a packed house this morning in Las Vegas, where he challenged the audience to create go-to brands that create purpose-driven solutions for their customers, increase the quality of the customer experience, and generate value for customers and insurers.
"From the customer’s perspective insurance looks like a no-win proposition," Colborn started off. The customer "can’t get ahead, so the goal is just not to be too far behind." And while risk seems only to grow in today's world, there's both more upside and more downside than ever.
How do the smartest brands rethink category norms? How can they realign their interests in synergy with their customers? And how can companies create purposeful differentiation via technology-enabled, customer-centric solutions that generate outsized market share and margin share growth?
Colborn mapped brand differentiation along two axes: connection (from the merely transactional to providing comfort) and progress (moving from the merely transactional to enabling customers). Unfortunately, while there are exceptions (USAA for instance), many companies in insurance probably find themselves in the lower quadrant, which he noted relegated them to merely providing a product, whereas truly differentiated and innovative brands share a purpose with their customers.
Colborn illustrated his point by looking at Michelin and Nike. The Michelin guide, which used restaurant ratings to inspire people to get out on the road, linked the product (tires) with the purpose, the desire to move around. And Nike evolved from selling waffle-treaded shoes to empowering the athlete in all of us with software resident on partner hardware that tracks, nudges, incentivizes, and changes behavior. Colborn challenged his audience: how can insurers innovate so that they don't just focus on producing products, but look beyond them to understand customer needs and improve overall customer experience?
Ultimately, this search for the go-to brand represents a tremendous opportunity for insurers, particularly from the perspective of insurtech enablement of closer contact with customer needs.
Learn more about Chris here and join us at ITC 2019 in Las Vegas, at the intersection of technology and risk - and customer experience!