How to engage Scandinavian customers

The research, advisory, and consulting firm Celent shared its conclusions on Scandinavian consumers' experiences of, and expectations for, digital meetings and engagement with their life and pension companies on our full breakfast meeting Morning Insights.

The message was clear from the report "Digital Progress in Scandinavian Insurance", Scandinavian life insurance cunsumers:
• They prioritise relevant information, quick handling and service
• Is willing to share information/data in exchange for lower premiums and costs
• Is ready to use new technology in the dialogue with insurance companies, but believes that the companies need to invest more in the latest technology

Celent gives a clear picture of the fact that insurance players will have to continue to change the dialogue with their customers. The focus will shift in several areas where automation and digitisation through the use of new technology meets the changes it entails going from a process-oriented approach to a data-oriented approach.

According to Celent, it is not unlikely that the processes will have to be so short and quick to meet the customers' expectations that we are facing an entirely new paradigm where the currency is called data and information instead of process.

Take part in Celent's presentation "Digital Progress in Scandinavian Life Insurance".

Consumers priorities relevant information, quick handling and service

The Scandinavian consumers  would instead understand immediately how it should do without needing additional instructions or talking to anyone. When interacting digitally, it should be elegant and simple, preferably only with a few keystrokes.

Share information for lower premiums and costs

To gather data from consumers, Celent sees three methods for insurers:

  • Manual and sequential - "when needed". The insurance companies use this method today to a great extent - even if it happens digitally. By answering a number, not always relevant, questions, the company can calculate a premium or handle a claim for damages.
  • Consumer-led data collection - customers decide which data they want to share with the insurance companies. The greatest desire among consumers to share data/information is in the health and training area, but only if you get a lower price/insurance premium or additional relevant products and services
  • The insurance companies collect data on behaviour and can use algorithms and present proposals that are interesting and relevant. Here, the consumers agree - 1/3 do not think that companies should get access to data via social networks without their approval. ¼ believe it is ok if it is public information. 3/10 think it is ok if the insurance companies have a set of rules for how they use the information. 1/8 do not think it matters.


Of the insurance companies, 30 per cent did not think that they would use this type of data from social networks. Forty-six per cent believe it is ok if there is a clear regulatory framework. Twenty-five per cent thinks insurance companies have the right to use data.

One thousand one hundred twenty-five consumers where asked questions regarding how they would like to be engaged by their insurance companies in the survey. The survey was completed during the summer of 2017, before Oxford Analytica's processing of personal data from Facebook was revealed.

Rather new technology than having to talk to someone

Almost half (46 per cent) of the 1,215 people in the survey prefer to use smart technology instead of having to talk to someone. This is a higher proportion than in Celent's corresponding studies in France, Germany, Italy and the UK. 10 per cent refuse to use smart technology because they prefer to talk to a person. Celent also asked how consumers perceived the insurance companies in comparison to other industries. 1/3 had no idea, 27 per cent felt that they were on par with the other industry and 24 per cent that they are catching up with other industries.
The Scandinavian companies are well ahead of what their customers in Central Europe consider their life insurance companies.

There, one in five thinks that the companies are laggards (laggards) compared to 1 in ten in Scandinavia. Partnership the way to access the new ecosystem in life insurance In the spring of 2017, Celent presented its views on the digital trends that affect the life insurance and pension companies. The focus was on how the companies could absorb the new technology needed to shorten processes and make the digital customer meetings more intuitive.

Then Celent presented six strategies for the insurance companies to collaborated with insurtech ecosystem


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