- consider how customer needs are evolving
- potential impacts on the consumer environment, for example, we may consider factors such as:
- the Economy
- political environment
- consumer attitudes and behaviours (e.g. to debt, risk, value, risk sharing, confidence in current providers; use of social media)
- regulation (capital regulation, sales regulation, pricing regulation - test achat)];
- how products would be designed to meet customer needs if we were starting with a blank sheet of paper
- the potential to meet customer needs with offerings in a non traditional way (which could be provided by non traditional insurers as well as current insurers) – e.g. if a different risk pooling mechanism was devised
- how consumers could best be engaged with these new products; and so in summary
- how insurers could potentially react to meet these revised customer needs.
- 9 November 2017
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