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Quo vadis insurance industry?
ibi research study examines customer relationship management at insurers
An interview with Dr. Stephan Weber, ibi research Institute at the University of Regensburg
How do insurers deal with their customers in economically troubled times? How is the customer relationship managed when there is a payment disruption, and what role does communication play in this context, now and in the future? These and other questions will be answered by a study led by Dr. Stephan Weber of the ibi research institute at the University of Regensburg and supported by the companies Krause & Schopp, atriga and axytos. We asked Dr. Stephan Weber for details and got some exciting insights.
Dr. Weber, what is the reason for conducting this study right now?
For some time now, we have been observing an economic slowdown in almost all areas. Inflation is settling at a high level, consumer prices are continuing to rise and gross domestic product is falling. This raises the question for us and our study partners of how the insurance industry is dealing with this macroeconomic development. After all, almost every German citizen uses at least one insurance product, for example for their car. But probably several, including perhaps a liability, a household or a life insurance policy that have to be paid for.
In addition, the battle for the customer is raging, because the target group is finite and each individual customer is extremely valuable. Today, the established providers are competing with insurtechs and neo-insurers who are not thwarted by their legacy systems. As an opinion research institute, we also found this mixed situation very exciting when our study partners, the consultants from Krause und Schopp, the FinTech axytos and the claims managers from atriga, approached us with this question.
Dr. Stephan Weber of ibi research, head of the current Insurance Industry Study: “The target group is finite and each individual customer is extremely valuable. Established providers are now competing with insurtechs and neo-insurers who are not thwarted by their legacy systems. As an opinion research institute, we find this mixed situation very exciting.”
What exactly do you want to learn from the insurance industry as part of the study?
Basically, we are concerned with managing the customer relationship when there is a payment disruption. For example, if the direct debit, still the most widespread payment method in the industry, is not honored. Will the insurer say goodbye to this customer or does he want to keep him despite the payment difficulties? Can it even provide him with targeted assistance by rearranging the due date or adjusting the insurance benefit? Can the insurer perhaps even take preventive action by installing credit monitoring or using the function of an account information service so that it has more information about the customer?
Of course, we would also like to know whether the insurer has noticed any changes or anomalies in customer behavior in the last one to two years, for example the switch from direct debit to invoice. This also includes the insurer’s basic range of payment methods – and whether its processes provide for different methods for different customer groups and whether the customer history is included in the process.
And from whom exactly do you want the answers to these questions?
Our survey is aimed at specialists and managers who deal with collections and disbursements, finance or payment transactions at decision-making level at the insurer.
What do the aforementioned group of people gain from taking part in the survey?
First of all, it is important to mention that all information provided is included in the study anonymously and that we set very high standards for data quality. In addition, we at ibi research place great emphasis on neutrality and objectivity, even though the study is supported by partners.
All participants receive the study results on request and, of course, free of charge. With the results, insurers can then much better assess where they stand overall in this area, communicate the findings to internal management committees, and initiate and implement potential measures.
How much time does a participant have to invest?
Our scientifically based online survey, which has been tested several times, takes around 15 minutes, depending on the personality of the participant. Thanks to ibi research’s many years of expertise, we guarantee a logically thought-out and optimally structured survey that minimizes dropout rates and ensures usable, meaningful results.
What do professionals and executives in collections, disbursements, finance or payments need to do to participate in the study?
Of course, we would like to attract as many participants as possible, but on the other hand we have to keep an eye on the data quality. We therefore ask interested parties to contact us in advance by e-mail at . There you will receive the direct link to the online survey and can participate.
Dr. Weber, thank you very much for the interview!
Über ibi research
“Our approach to innovation makes financial services and retail measurably more successful!”
In line with this vision, ibi research conducts application-oriented research and consulting with a focus on innovations in financial services and trade. ibi research concentrates on the topics of digitalization of financial services and trade, in e-business as well as in multi-channel and in B2C business as well as in B2B business.
The research spectrum ranges from market analysis and business model development to process design and data analytics to governance and compliance issues. At the same time, ibi research offers comprehensive consulting services for the implementation of research and project results.
Today, the ibi partner network represents the most extensive innovation network in the German-speaking financial services sector. As an independent network, it facilitates an open, independent and intensive dialogue. ibi research makes the research results available to the partners, brings together experts from the financial services industry on a neutral platform, promotes intensive dialogue and thus supports the valuable exchange of ideas, concepts and experiences.
