Insurance is an industry where every pathway converges towards the customer. When developing policy offerings, it’s crucial to consider the client, including features such as online quote generation and purchasing options for auto and homeowners insurance. The convenience of obtaining these policies online has become essential for satisfying customers and capturing market share. Global IT business products provider Comarch dives into how you can satisfy your digital insurance clients.
According to Statista, nearly 57% of the global population are internet users. In developed regions like Europe and North America, internet penetration reaches almost 90%, with around 40% of users accessing the web via mobile devices. In Asia, this figure climbs to 60%. Additionally, 70% of internet users are also active on social media.
The prevalence of new technologies has significantly influenced customer behaviours, creating a new breed of digital clients who are constantly online.
These well-informed customers are sensitive to market dynamics and, as social media users, are eager to share their experiences.
Digital insurance customers expect quick access and are self-directed, preferring to handle quotations and policy management, including claims, from anywhere. While digital channels are becoming integral, the majority of clients still prefer a hybrid approach, utilising both online and offline communication. Consequently, intermediaries continue to play a vital role.
To adapt and grow in this evolving landscape, leveraging technology is essential. The insurance sector is rapidly changing, and companies must embrace digital transformation to stay competitive.
Understanding what motivates customers and insurance professionals is key. While price has traditionally been a deciding factor, future clients may prioritise ease of access, speed, personalised services, and simple, understandable products.
Distributors, such as agents and brokers, also seek high-quality products and efficient processes over commissions when choosing an insurance company. The importance of health and financial security benefits is also growing.
Insurers aiming to capture market share in the digital era must meet these expectations. Gartner defines digitalisation as “shifting the fundamental business model to support electronic channels, content, and transactions, while continuing to support traditional practices.”
Digital tools can automate and optimise processes, making them faster and more accessible, enhancing the overall user experience. This user experience encompasses all interactions and feelings customers have when engaging with an insurer.
Providing tailored solutions is crucial for meeting individual needs, offering personalised risk management and insurance plans to protect personal wealth and lifestyle.
To maximise value from both existing and potential clients, insurers need to rethink the customer journey.
Offering a range of small business insurance options, such as general liability, property insurance, and professional liability coverage, is vital. Defining the current customer journey and redesigning it to alleviate pain points and highlight moments of delight is key.
However, digital transformation is an ongoing process, not a one-time project. Continuous monitoring, feedback collection, and improvement of customer experiences are necessary.
Better customer understanding can be achieved by equipping agents and brokers with digital tools featuring a 360-degree customer view.
This consolidated data enables distributors to provide personalised service, tailoring offers to individual needs and adjusting coverage as required. Compliance support through risk management solutions and HR capital management tools can further enhance the customer experience.
Business strategies should always start with the customer, focusing on their behaviours and expectations.
Digital support and knowledge benefit insurance professionals, their employers, the broader industry, customers, and society.
This foundation drives digital transformation and sets the direction for change. Automation and process optimisation are essential for creating an insurance customer journey with an excellent user experience. Digital solutions can significantly improve customer experience and operational efficiency in the insurance industry, leading to higher customer satisfaction.
If you’re looking for modern insurance front-office platforms or commission and incentive software solutions for your agents, then you should consider Comarch. The firm’s digital insurance solution is a cutting-edge platform designed to meet the diverse needs of all stakeholders in the insurance ecosystem, including clients, agents, brokers, and back-office employees.
This advanced software system ensures seamless operations and enhances the overall efficiency of insurance companies, enabling them to stay ahead in an ever-evolving market.
Read the full blog from Comarch here.
Copyright © 2024 InsurTech Analyst
