A brief view of the insurance industry today

Today’s insurance market continues to be dominated by price. In many cases, this creates a low margin business model with falling retention rates and customers that have little connection with their insurance provider.

Insurance is now widely acknowledged to be one of the sectors most exposed to disruption. Adaptive behaviour by insurance providers has traditionally focused on cost saving and policy wording improvements – it has been risk, not client focused.

Insurers have started to understand the need to differentiate their products and add value. That’s where LJS fits in. Customer propositions are being made more tangible and relevant enabling a significantly improved customer experience.

Precise and highly granular data, generated from new and often digital customer interactions, create further engagement, risk mitigation and revenue generating opportunities.

No matter the type of insurance product, LJS is breathing new life into the industry to the benefit of customers and insurance providers alike.