"More than half of motor insurance (52%), and a fifth of property insurance (24%) is purchased directly by consumers, including sales via a price comparison website."
Source: ABI Website November 2016
All the more reason that insurance carriers, brokers and intermediaries digitally transform the customer journey from FNOL to Settlement. Reconciling the two goals that pull in opposite directions
- Achieving speed of settlement- payment, replacement or repair
- Maintaining anti-fraud measures
This not just adding a new technology but reforming the full continuum of processes serving customers.
New online insurance platforms can be implemented fast and licensed on a transaction based model for cost-effectiveness. All without having to change current core systems of record and proven in large scale deployments.
There really is no excuse for the Insurance C-Suite not to tackle this now, Don't be an analogue dinosaur be a digital transformer.
Customer Engagement (or lack of) is one of the most talked about topics in the Insurance industry today. While other industries are forging ahead with one-click purchases, engaging smart phone apps and personalised recommendations, insurance is still lagging behind. Altus have followed up on research first carried out in 2015, looking at the digital services of 18 of the leading UK personal lines insurance companies (across 31 brands). The research covers the lifecycle of the policy from Quote & Buy, Mid-Term-Amendment, Renewal through to Claim to discover what digital services are available to the customer at each stage of the policy. While there has been investment across the board in mobile responsive websites, the focus is still on customer acquisition, with seemingly little investment being made since 2015 on self-serve MTA, Renewals and improving the Claims experience.