Jacob could barely keep his calm.
Jacob, an executive customer experience veteran in the property and casualty insurance industry, had his job cut out for him. His company was once a venerable presence in the renter’s insurance sector. But for the past few years, they have been losing market share consistently to new (insurance technology companies) players in the market. The brand and customer service were still getting good reviews, but it still did not hold a candle to the sheer agility and speed at which the new insurtech companies operated.
They had recently upgraded their website and mobile app capabilities, enabling new renters and homeowners to apply for policies online. However, their risk review and claim process was still entirely offline and took precious time away from their customers – which drove Jacob and his team up the wall to maintain their stellar customer satisfaction scores.
He realized he might need a better way to integrate the underlying layers of data that his company needs to get their edge on the competition.
Should we use capitalization like InsurTech?
I deliberately maintained it as insurtech, since insurance analyst reports and McKinsey keep it that way. Happy to consider other sources if you can provide alternatives citing this term with caps.