Insurance Reinvented: Value-Added Services

| Point of View

Insurers have increasingly started providing customers with a range of value-added services in addition to the core insurance offering, as a means for developing more regular customer engagement and enhancing customer experience through unique value propositions. This is largely enabled by mobile technologies, the Internet of Things (IoT), and advanced data analytics capabilities. In the life and health sector, insurers offer services such as health management apps, customer care packages, and apps that enable greater cost savings or seamless healthcare access. In the property and casualty sector, value-added services include home monitoring and assistance, roadside assistance, property management, and lifestyle management. As many of these services are geared towards risk mitigation, they help insurers lower their claims costs while simultaneously enhancing customers’ engagement with the firm to build greater customer retention.