Digitalization: “We need to tailor our offer to the new customer”

The average U.S. consumer spends nearly three hours a day on mobile devices, according to a recent study. What effect does this behavior have on companies, including insurers, trying to reach their customers? Allianz SE Board Member Christof Mascher discussed “The new consumer” at this year’s Digital Life Design conference in Munich.

 

“I see the digital revolution as a huge opportunity for Allianz,” said Mascher at the Digital Life Design conference (DLD). “It allows us to combine our global strength and the ability to provide components of insurance and services to consumers who could not have afforded them in the past.”

 

Mascher explained that the new mobile devices help design insurance components and align the offer to customer needs in real time. While in the past contracts were signed for a year, today it is possible to insure a driver for an hour if he so wishes – for instance if he is about to drive through a dangerous area or plans to travels on a highway.

 

“How to get to a higher frequency of interaction with customers was always a big challenge for insurers. The digital age has brought us countless opportunities and frequent touch points. Now it is up to us to understand the devices and the customers’ diverse eco-systems, so we can tailor our offer and reach out to them,” said Mascher.

 

Selling protection: “We need to be particularly careful with private data”

 

A challenge, according to Mascher, is the internal transformation of the company’s organization required by digitalization. Furthermore, data protection is extremely important; not only in Europe, where regulation is stricter.

 

“As insurers, we are faced with the following paradox: on the one hand, customers want us to know and offer them exactly what they need. For that, we need information,” Mascher explained.” On the other hand, we sell protection, security – and that means being particularly careful with private data. I see it as our task to take this paradox and use it as a foundation for our value proposition to our customers.”

 

 

Allianz is a partner of Digital Life Design (DLD), which held its annual conference in Munich from January 18-20. Allianz Board Member and Chief Operating Officer Christof Mascher was invited to join one of its panels to discuss the implications of new customer behavior in the digital age.

“I see the digital revolution as a huge opportunity for Allianz,” said Mascher at the Digital Life Design conference (DLD).
“I see the digital revolution as a huge opportunity for Allianz,” said Mascher at the Digital Life Design conference (DLD).

As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer:

 

Petra Krüll
Allianz SE
Phone +49.89.3800-2628
Send email

Oct 05, 2022

Allianz completes acquisition of majority stake in Jubilee’s general insurance business in East Africa

read more

Sep 30, 2022

UniCredit and Allianz take further steps to consolidate partnership

read more

Sep 29, 2022

Allianz SE Simplifies Management Board Structure

read more