Geared for growth

Redefining strategy in the Canadian insurance industry to build distinctive customer value and long-term success

PwC’s Geared for growth series is aimed at providing the Canadian insurance industry with the knowledge and capabilities needed to drive strategies that fit with changing customer demands, increasing competition, regulatory change and data and privacy threats. 

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Securing customer trust

Business processes rely heavily on data—which demands constant innovation and adaptation. As the digital landscape evolves and regulatory scrutiny increases, it’s critical to ensure that maintaining customer trust, transparency and privacy are top of mind. Pamela Snively, Chief Data and Trust Officer at TELUS, shares expert insights on embracing innovation while protecting privacy.

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Are you geared for growth?

If there is one thing we know from behavioural science, it is that change is difficult. Especially when you're bringing in a new way of thinking into an organization. Good news is we've worked with companies across the country and know the bottlenecks and barriers that stand in the way. 

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As the insurance industry and customer expectations continue to evolve, building and maintaining trust and transparency is quickly becoming critical to creating a competitive advantage – insurance is a promise to indemnify later – a promise built a long history of trust.

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Providing a strong customer experience is not just about reducing the risk of customer service mishaps. It is increasingly a way for companies in competitive markets to distinguish their brands. So, what does this mean for the insurance industry, where profits are highly concentrated and competition is intensifying? It means that those who wish to differentiate themselves and rise to the top will need to offer customer-first experiences that deliver a cohesive, digitally-enabled journey. 

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The growth of the experience economy 

Insurers are on a journey to become an intelligent enterprise while still maintaining the personal experience for their customers. Our 22nd annual CEO survey found leading insurers are envisioning customer needs beyond traditional insurance and adopting proactive business models and approaches in support of this.  For the first time in history, insurers are innovating with customer needs and experience at the centre. 

The growth of the experience economy in insurance

Consumers aren’t looking at insurance products relative to other insurance products, they are looking at their insurance experience relative to other buying experiences.

Accelerating intelligent digital transformation in insurance

Insurers are on a journey to become an intelligent enterprise while still maintaining the personal experience for their customers.

Utilizing science to understand consumer behaviour

Analytics has a role to play in understanding consumer behaviour but there are also a lot of situations where consumer behaviour defies predictions.

Contact us

Keegan Iles

Partner, PwC Canada

Tel: 416-815-5052

Matthew Lawrence

Director, PwC Canada

Tel: +1 416 687 8471

Jessica Lewis

Manager, Consulting & Deals, PwC Canada

Tel: +1 416 941 8383 ext 13526

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