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Evolving digital technologies are transforming customer behaviors and imposing greater transparency, thereby making the insurance market more competitive
The insurance industry is mobilizing its services to keep pace with digital transformation, in order to attract and retain customers
Given the comforting relationship between customers and their agents and brokers, insurance companies need to integrate intermediaries as their partners
The right cutting-edge mobility solution with an intuitive app can help insurers better engage the ‘next-gen’ customers and nurture a sustainable and mutually beneficial collaboration with all stakeholders across the value chain
Has the insurance industry finally spurred itself after years of sluggish IT innovation to catch up with the pace of digital transformation? Has the compulsion of mobilizing their services to attract and retain customers and stay competitive finally hit home?
Yes, seems to say the trend.
Evolving digital technologies are drastically changing the rules of game. They impose greater transparency and transform customer behavior to make the market more competitive. Add to this the reality that millennials have set an entirely new dimension for customer interaction.
The challenge, however, lies in positively reinforcing the comforting relationship that customers enjoy with their agents and brokers in choosing the right insurance products. For these intermediaries are not merely internal customers, but key revenue channels for insurance companies. They need to be partnered with and handled with sensitively.
In fact, in a highly competitive market, empowered intermediaries offer the sure promise of business growth and stronger customer relationships.
80% of global population will have access to mobile telephony
Over 60% of the population will have smart phones or tablets*
Is it time for insurers to make the move?
What does this mean for insurers? They need to integrate intermediaries as their partners. Open channels of communication to empower them so that they, in turn, can give the end-users the right information and advice.
It is a win situation all around. Insurers build mobile capabilities to give agents transparent access to real-time information. This opens opportunities to compete on quotes across their product portfolios, and for additional premiums. Plus, improved customer experience, better risk selection and increased governance.
Cycle-time is a critical differentiator for insurance companies, be it for policy on-boarding, maintenance or claims settlement. Mobility can be their velocity enabler to achieve this objective.
A word of caution though. Remember, digital innovation will bring in new regulation. This will need to be effectively complied with.
The right cutting-edge mobility solution with an intuitive app can help insurers better engage the ‘next-gen’ customers and nurture a sustainable and mutually beneficial collaboration with all stakeholders across the value chain.
* Source: www.ey.com/Publication