Like many industries, insurance is being disrupted by digital technology. Nearly 80% of consumers want to use digital channels such as the web, email, social media and chat to interact with insurers – yet under a quarter of businesses say they are fully digital, according to Accenture. Traditional insurers face major challenges...
Over the past few years we’ve seen whole industries transformed thanks to digital technology. From publishing to retail to transportation, new entrants have shaken up mature markets, and unseated existing leaders through innovative business models.Recent research from Fujitsu points to insurance being next in line for digital disruption.
The rise of digital channels is radically changing how businesses operate and interact with customers, increasing competition and driving transformation of their operations. The insurance industry is the perfect example – it is moving from a model where customer interactions are by phone or letter to one that is overwhelmingly driven by digital conversations. Competition is...
The internet and digital technology are transforming the UK insurance market. Greater competition and the rise of price comparison sites are impacting revenues and margins, while customer loyalty is a thing of the past. Consumers are demanding more from their insurers, and want a seamless, high quality experience, however they choose to make contact. In order to enable these meaningful...
Forrester recently reported that 69% of people still want to contact companies through email. However, UK brands are struggling to cope with the emails they receive, with performance overall worsening according to the latest Eptica Multichannel Customer Experience Study.Email volumes are increasing year-on-year, and in some sectors (such as retail), email makes up30% of...
For the majority of consumers digital channels, such as the web and email, are now the default method of researching and buying insurance. This is driving major change in the market, as forward-looking businesses invest in the digital customer experience.
As a sector, insurance has already been heavily disrupted by the internet, with the vast majority of policies now researched, bought and renewed online, either directly or through third party aggregator sites. This has dramatically changed how insurers operate and increased the focus on the customer experience as companies look to engage with consumers and retain their business. According...
Health insurance is a rapidly growing market across Asia Pacific. The rise of a more affluent middle class and gaps in public healthcare mean that more and more people are now looking to private health insurers to provide for their needs.How consumers research and buy insurance policies, and then interact with insurers, is also changing fast, moving to a digital and multichannel world. Today, ...
The amount of time – and range of activities – that consumers carry out online continues to grow. It is now the first port of call for everything from shopping and banking, to researching and buying insurance policies, switching telecoms supplier or booking a holiday. No wonder that in 2014 UK ecommerce sales broke the £100 billion barrier for the first time, making up ...
Across the financial services industry, providing a tailored, high quality customer experience is becoming vital for success. Whether a retail bank, insurer or provider of investment products such as pensions, organizations have to make the customer journey clear, seamless and easy to understand if they want to win and retain clients.The old model of a customer signing up to a bank for life or aut...