It’s inescapable. Digital technologies have changed the ways consumers shop for, and how they expect to purchase, insurance products and services. Accenture research shows that of consumers who plan to buy insurance in the next 12 months, 43 percent intend to purchase online.

The message is clear: it’s imperative for insurers to address the friction between direct digital channels and more traditional agency channels. And digital capabilities are a must.

Creating a digital ecosystem

It isn’t quite as simple as driving the direct channel. Accenture research found that despite the prevalence of digital channels, consumers still prefer to purchase insurance face-to-face. More important than the channel through which the purchase, consumers expect a seamless experience as they move from traditional and digital channels.

In this way, a digital ecosystem capitalizes on existing agency channels while leveraging the reach and immediacy of digital channels. An effective digital ecosystem can:

  • Generate more leads. This is a result of providing targeted content, offers and experiences at key moments in the customer-buying process.
  • Allocate leads to the right channels. Consumer profiling and advanced analytics can uncover a consumer’s channel preferences, enabling insurers to allocate the lead and resources to the appropriate channel.
  • Increase close and retention rates. By enhancing the customer experience across all channels, a digital ecosystem can improve close and retention rates.

Next week, I’ll discuss some of the features of an effective digital ecosystem.

To learn more, download Reigniting Business Growth in Insurance through Relevant Digital Consumer Interactions.

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