Digitisation: a win-win for policyholders and insurers
Live MintBusiness growth, efficiency and effectiveness through digital transformation are top business priorities for insurance companies today. There are three key ways in which digital transformation, or rather disruption, will work: 1) consumer-focused product approach; 2) enabling direct business to customer connect; and 3) enhanced customer experience. Consumer-focused product approach In the past, many consumers did not understand life insurance products completely and they would assume these to be overly complex and difficult to understand. This has forced insurers to evolve their online ecosystems and digital footprint rapidly to ensure that they provide customers with the right kind of planning tools, easy-to-decipher product content and simple selling. Enhanced customer experience Better experience through digital helps address three core challenges which are at the heart of life insurance: 1) Many consumers find it difficult to purchase life insurance on their own, 2) Many are turned off by the hard sell of the traditional face-to-face sales channels, 3) Customer contact with the insurer can quickly reduce to a once-a-year statement, which breaks the continuous engagement.
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