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Insurance sector should seize 'digital potential'

Published: 16 Jul 2014

Insurers can't afford to ignore the influence of the internet and similar digital channels, according to new research.

PwC's 'Insurance 2020: The digital prize - Taking customer connection to a new level' report has suggested digital platforms can potentially offer brokers a significant opportunity to develop their business and improve their relationship with customers.

Almost 10,000 consumers were surveyed worldwide, with 1,500 of those based in the UK. Nearly nine out of ten (86%) respondents from the UK revealed they conduct at least some form of online research prior to buying an insurance policy, while 50% complete their purchase online.

With the average UK client changing their provider every four years - less than their global equivalent - insurers need to figure out how best to instil a sense of loyalty in an age when the power is certainly with the customer, as a result of the sheer volume of information they have at their fingertips.

Therefore, the answer could be for brokers to utilise the digital medium for their own means.

PwC Digital Insurance Partner, Michael Spiteri, said: "This is a real opportunity for insurers to use digital to access a broader set of behavioural data from customers and use this to deliver a personalised service and one that should not be wasted.

One aspect that became clear as the findings were presented was that one-to-one interactions were certainly not being left behind, with Spiteri confirming customers still liked the opportunity to speak with their brokers in this way.

These traditional values can even be combined with digital technologies to enhance the consumer experience further, with web chat, video-calling and Webex conferencing all fine examples of the tools intermediaries have available to help them to engage with the modern client.

For more advice on how you can improve the performance of your operations using digital platforms, check out the New Thinking section of our website.

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