OREANDA-NEWS. In this A.M.BestTV episode from the East Asian Insurance Conference (EAIC) in Macau, attendees said insurers are being judged across industries and that they must create products and services that serve the evolving needs of customers or risk obsolescence.

The theme at the conference this year is the future of customer centricity within the insurance industry.

A.M. Best Senior Managing Director and Chief Rating Officer Stefan Holzberger, along with others, spoke about the approach to deepening customer experiences.

“It is really the drive to be more vital to the end customer,” said Holzberger. “This is the key to maintaining that relationship and business, which are under quite competitive conditions.”

Franz Josef Hahn, chief executive officer of Peak Re, said the industry should return its focus to the long-term customer.

“I think when you choose your customer well, when you go for quality in your customer, then you can also add on this long-term, partnership aspect,” said Hahn.

“Companies and businesses need to touch their clients using a variety of touch points,” said Jose Ribeiro, managing director, Asia Pacific, A.M. Best. “Since, it is not only about meeting face-to-face or over the phone, it is about using the Internet, social media and the other variety of touch points clients use, and the insurance industry should use, to provide an enhanced customer experience.”