Insurance continues digital trend
Research from PwC shows that the digital revolution has well and truly arrived for the insurance industry, with 71% of consumers having used some form of digital research before buying a policy.
The research highlights around 26% of consumers currently purchase their plans online, with this number set to continue rising, particularly amongst the millennial generation.
Nitin Rakesh, CEO and president of Syntel, stated, ‘It is clear that like other industries, insurance is witnessing the need for digital modernisation, brought on by the need to cater to digital native consumers. Digital natives expect an omni-channel experience that allows them greater accessibility to anytime, anywhere services – something that may be difficult for traditional insurers to deliver.’
Most insurance companies are focused on leveraging an eCommerce model to sell their traditional offline services in an online ‘store,’ but the leaders are developing deeper, more personal and longer lasting relationships by utilising digital capabilities to improve the knowledge base of their customers.
‘In a competitive market environment, speed and agility are vital for insurance companies to survive and grow,’ said Nitin. A recent report from IDC states that two-thirds of CEOs will be focused on digital transformation strategies throughout 2016.