For a time now sectors as diverse as entertainment, travel and retail have been seeing the disruption a new digital player with knowledge of new technologies can cause. The product designs are generally newer and better. Traditional companies are already feeling the impact but so far most insurance companies have not. The latter have usually retained a traditional model and their income has not yet been heavily ‘diminished’. How much longer will this last and when will they start seeing their clients increasingly wanting to work online. A plan of action is imperative.
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The Boston Consulting Group (BCG) has estimated that approximately 15% of all consumers in the Western world prefer, where possible, to handle their transactions with their insurers remotely. Only 15% you think? Two years ago it was only 5%. So things are changing rapidly. And 50% prefer a hybrid solution where online traffic and personal contact are combined. And that is 20% higher than two years ago. There is a marked increase in sp...Read More.
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