How Well Do Insurers Understand Their Customers?
July 16, 2019 by Denise Garth
Demographic pundits are curious about how Europe is going to survive economically in the year 2050. The population in all European countries will be in dramatic decline. Many who are within the population will be too old to be working in the economy, and there will be a decreased capability to produce the products that fuel European markets, such as the many consumables created in France.[i]
The North American, African and Indian populations will still be on the rise, but population migration will likely be necessary to create global economic balance.
From the perspective of 2019, 2050 may seem irrelevant. But if there is one thing that insurers should know by now — looking into the future even one day, one year or one decade ahead is important. The viability of the insurance industry is vitally connected to demographic trends, market trends, customer opinion, and new technologies. When we lose touch, we lose business.
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