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You can find a report from any of the major consulting service companies that suggest motor insurance providers need to move to a customer services model. This is due to a number of factors:

  1. Motor insurance, on a risk management level, is heavily commoditised. To an extent, 84% of insured drivers in the UK shop for a new insurer each year. Retention is a major cost.
  2. Insurers have very limited customer interaction: you only talk to an insurer when you renew or when you make a claim. Evidence suggest more interactions enhance the customer satisfaction levels
  3. Motor insurance plus a service, which may have valuable data to the customer, is not commoditised. If you switch insurance provider, you will at least lose the format that the data and service is presented
  4. Note: adding breakdown cover is a service but everyone can do it. So you are still a commoditised insurance product.

Below are just 2 examples from Bain and McKinsey. Many of the potential services are related to connected cars – which may need an OBD2 device – that are aimed at analysing car data.

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