The Next Evolution of Insurance

In recent years, there has been a shift in the world of business, from a focus on transactions to an emphasis on relationships. Today’s companies no longer shortsightedly prioritize profits over everything else but are instead increasingly concerned with earning their consumers’ trust.

Instead of simply selling consumers products, they market themselves as companies to believe in and make part of one’s life.

While this trend is evident across the business spectrum, from banking to footwear, there are some industries that should be particularly attentive to such changes and become especially in tune with the needs and wants of its customers -- such as insurance.

Insurance, after all, represents a relationship with policyholders and their beneficiaries, a sustained commitment to supporting them through tough times.

It is clear, however, that the financial support provided by insurance payouts, while an incredibly important lifeline to so many families, is not nearly enough in today’s relationships-centered marketplace. If insurers want to address the true needs of their customers, they need to think outside the box and provide added value.