Recent Release | 14 Nov 2021

Becoming a risk concierge: From insurance provider to customer companion

Thought Leadership Team

Oxford Economics

Oxford Economics, in partnership with IBM’s Institute for Business Value, surveyed 1,000 insurance executives and more than 9,000 insurance customers globally, to examine the role, capabilities, and expectations of a risk concierge – insurers that evolve from their sales role to become risk advisors.

Insurers are realising the potential of tailored approaches when it comes to customer satisfaction, offering resources and personal risk advice. This bespoke service has proved so valuable that it has helped launch financial firms toward success. Risk concierges are also assisted by an increasing customer-focusing technological investment, which helps personalise a customer’s journey through AI. It is not enough to digitise existing processes, as most insurers did before the pandemic. A true investment in cloud and AI must be made to become a successful risk concierge.

About the team

Our Thought Leadership team produces original, evidence-based research made accessible to decision-makers and opinion leaders. Principals for this project included:

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