Innovation and customer-centricity have been at the tops of many insurers' to-do lists, and the insurance technology advisory firm SMA says that the industry is transforming from saying to doing, executing on innovative customer-centric projects at an increasing rate.
"Insurers are transitioning from strategy to execution, especially related to the customer experience," partner Mark Breading wrote in the company's recent "Innovation in the Insurance Customer Experience: Examples and Guiding Principles" research brief. "And the concept of innovation does not just apply to big, game-changing initiatives that transform the whole business. It applies equally to small changes that affect individual customer interactions."
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