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 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...
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.
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 rise of internet and digital channels has radically changed how people research and buy insurance. It’s now extremely simple for consumers to shop around and get online quotes before renewing their policies – especially since the rise of price comparison websites.
In recent years, the consumer insurance market has changed out of all recognition. New channels such as the internet have transformed the landscape. Indeed, according to the Financial Conduct Authority, almost half of all internet users have researched motor insurance on price comparison websites, with 4 out of 5 of them going on to buy policies through them.Customer loyalty is a thing of the past...
Insurers in the UK are under unprecedented pressure. Margins have been slashed by the rise of the internet and price comparison sites, competition is growing, customer loyalty is at an all-time low and claim costs and regulation are both increasing.Against this backdrop,the balance of power is shifting overwhelmingly in favour of consumers. They expect more, for less – and want answers faste...
Delivering a straightforward yet engaging customer experience can be a major challenge in complex, highly regulated markets such as insurance. Companies need to make sure that customers understand what they are buying, but at the same time ensure they comply with stringent regulations. And while the majority of the industry has moved to internet-based selling of insurance there can be an enormous ...
Businesses today operate in a world of ever-changing regulations with the insurance industry a perfect case in point. Companies already need to comply with rules such as the Financial Services Authority’s Treating Customers Fairly (TCF) initiative as well as ensuring the meet tightening solvency regulations.The new financial year will see a new regulation become law. On April 6, the Consumer...