The insurance sector must embrace the digital channel fast or lose out
Rapid digital innovation in the insurance industry threatens to leave many businesses behind in its wake according to a recent PWC survey. Lower barriers to market entry that have accompanied the digital revolution have opened the flood gates to new market entrants that 50% of insurance SEOs surveyed see as a threat to growth.
Competitive advantage for insurance brokers through the digital channel
Simplicity, accessibility and adaptability are just some of the areas in which traditional businesses are becoming increasingly less well equipped to satisfy consumers’ exacting standards. The PWC survey found that 50% of insurance policies in the UK were purchased through digital channels, with over 60% of customers citing ease of access and 24/7 availability as key motivating factors in their decision to transact online.
Even insurance brokers with a digital presence may be leaving much to be desired. PWC point out that finance market leaders staying ahead of the curve are moving beyond just ecommerce solutions and developing long-lasting, personal relationships with their customers by tailoring services and enhancing customer experience through full exploitation of their digital capabilities.
The changing expectations of your customers – and what the broker needs to do
As an insurance broker, knowing your target market is crucial. PWC highlight four key factors that describe recent shifts in consumer behaviour and expectation and are shaping business practices:
Social media – Consumers are connected. Social media is a key research tool for many potential clients and if your business is nowhere to be seen you are losing out.
Mobile access – Increasing numbers of consumers are purchasing and managing their insurance policies on their mobile or tablet. Accessibility and adaptability are key to enhancing the consumer experience.
Analytics – The wealth of data available through digital channels is a key weapon in the arsenal of any modern enterprise as it allows for more precise consumer profiling and service personalisation.
Cloud – The adaptability of cloud computing is freeing up pressure on on-site IT and facilitating product innovation, which is good news for consumers looking for a more personalised experience.
Keep your business ahead of the curve with Quotall software for insurance
Our platform is designed with the modern digital consumer in mind. The unique Quotall system provides an unrivaled consumer experience by combining quote, buy and manage facilities into one package. Moreover, everything from website content through to rates, documentation and question sets can be easily configured in real-time to deliver the dynamic and personal service that the modern digital consumer demands.
To find out more about how Quotall could help your business stay ahead of the curve, please contact us.