“Consumers sets the terms” “Consumers sets the terms” “Consumers sets the terms”

For the third year in a row, KPMG's Nordic Financial Services event Vision – "The power to change" took place on September 23rd. This year, the focus was on the insurance industry and the challenges and opportunities it faces. A common theme from this year's speakers was sustainability.

– We must do everything we can to work together, the whole insurance industry, towards a sustainable society. It is not just about the climate but also about social sustainability; that people can feel safe in society and that they can insure what is important to them, says Ylva Wessén, President and CEO, Folksam Group.

The insurance industry is facing increasingly complex challenges. New business models and channels to market are creating great opportunities for the insurance industry. In this ever-changing environment, insurance companies must act quickly and strategically and take advantage of new opportunities and technologies by leveraging a broad ecosystem of partners.

– Insurance companies need to keep up with the current advances in innovation and changes in customer behavior and needs. Simplify the process for customers, simplify the process for service providers and keep up with the development. A customer should be able to see their insurance as a non-issue. You should feel safe and it is there in the background when needed, says Steinar Danielsen, Sustainability Lead, M - Volvo Car Mobility.

The customer, the customer experience and the customer journey are also becoming more and more important, according to this year's Vision speakers.

– You must accept that it is the consumer who decides. If you want to please them, you must give both emotional and rational values. You must think through what you want to provide the consumer, not what you should provide plus a little new on top. If you do not, you will be out of the game quickly. If you want to keep your customers, you must be at the forefront, says Magnus Franck, CEO, Upptec.

And how do you create a better customer experience?

– Through digitization, personal customer offerings and being part of an ecosystem with services that become relevant, where you share data with many players. The most important thing will be to put the customers needs first, rather than taking the inside-out perspective and putting the organizations needs in front of the customer and claiming ownership of the customer data, says Michaela Bruneheim, CEO and Co-founder, Evident Life.