Posted on April 23, 2014 by Simon England
In my previous blog, I painted a possibly rather bleak picture of how the UK insurance market is facing up to the opportunities and challenges of the digital age. I argued that by innovating so early, insurers might now find themselves less well placed to rise to the challenges posed by the disruption being driven by raised customer expectations, new competitors, and new technology.
I’ve spoken qu . . .
Posted on April 23, 2014 by Thomas Meyer
It’s perhaps not surprising that some of the most easily accessible lessons for insurers may be found in the banking arena. Both sectors fall under the broad financial services umbrella so they face many of the same challenges as regards legacy systems and regulation. A crucial difference, though, is that banks naturally have a greater frequency of touchpoints with customers than insurers do.
That . . .
Posted on April 22, 2014 by Erik J. Sandquist
In our latest Technology Vision report, we found that large companies are leveraging their capital and resources to embrace digital in unique and innovative ways. While there are many benefits to becoming a more digital insurer, the ability to shift from a product-focused to a customer-centric insurer is one of the most valuable.
Becoming customer-centric goes far beyond tailored e-mail campaigns . . .
Posted on April 21, 2014 by Brian DeMaster
Consider this fact: 45 percent of workers say they have less than $1,000 to pay for out-of-pocket medical and illness expenses, while 25 percent have less than $500. These numbers represent a growing appetite for supplemental healthcare offerings. What’s more, for a variety of reasons the Affordable Care Act will undoubtedly stimulate the voluntary benefits marketplace further. A massive opportuni . . .
Posted on April 18, 2014 by Erik J. Sandquist
The independent agency (IA) channel still reigns as the dominant distribution channel in insurance. Accenture’s recent survey of US consumers shows that despite growing interest in digital and other “direct” experiences available in insurance, customers continue to favor doing business with IAs.
Nearly 70 percent of consumers prefer to receive quotes on a policy through an IA; 71 percent prefer to . . .