In a recent interview at Insurtech Insights, Sarah Jacobs, a product executive at Nationwide, discussed strategies to enhance the insurance industry's value. She emphasized that the first priority should be lowering costs for consumers.
Jacobs believes that reducing costs will create a more appealing value proposition for insurance products. Traditional views of insurance often revolve around paying claims, but she argues that this perspective should evolve. By focusing on affordability, insurers can attract a wider range of customers who may currently find insurance to be financially out of reach.
While specifics weren't extensively covered, Jacobs hinted at the potential role of technology in driving down costs. This aligns with growing trends in insurtech, where innovations help streamline operations, enhance customer experiences, and ultimately save money for both insurers and consumers.
This approach could resonate with a variety of stakeholders in the insurance market. Policyholders looking for more affordable coverage, companies aiming to build stronger customer loyalty, and insurers themselves hoping to innovate and remain competitive may all find this perspective valuable. By emphasizing targeted cost reductions, insurance can become more accessible and relevant to modern consumers.
Overall, Jacobs calls for the industry to rethink its focus and consider how it can better serve the needs of its customers.
Original Source: https://www.dig-in.com/news/make-insurance-more-than-paying-claims-nationwide-exec-says