The digital revolution has well and truly arrived for the insurance industry, with 71% of consumers having used some form of digital research before buying a policy. New PwC research, in association with Syntel, finds that around 26% of consumers currently purchase their plans online, with this number set to continue rising, particularly amongst the Millennial generation.

Most insurance companies are focused on leveraging an e-commerce model to sell their traditional offline services in an online ‘store,’ but the leaders are developing deeper, more personal and longer lasting relationships by utilising digital capabilities to improve the knowledge base of their customers. Engaging customers through social media channels can derive business insights that help insurers understand consumer sentiments, preferences and behaviour.

Nitin Rakesh, CEO and President of Syntel, says: “With many insurers stuck with business critical legacy systems, the biggest challenge is to keep pace with digital innovations while maintaining and automating business critical legacy systems. Automation allows for faster and more cost-efficient transformations to take place. These systems are the final frontier for companies. Both are an essential part of the process, as automating archaic or outdated systems frees up the resources required to push ahead with new innovations that provide exciting products to the more demanding 21st century consumer.”

By Scott Thompson

by Scott Thompson
Scott is Senior Editor at IBS Intelligence. You can follow him on Twitter and contact him at: Scott.Thompson@ibsintelligence.com
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