Digital channels and insurtech are tightening their grip on the insurance industry, replacing face-to-face and telephone communication as the primary way of delivering products and services.
Insurers that don’t embrace new business models and enhance their digital user experience face the consequence of being displaced by those that do.
Digital services must be entirely responsive to the customers’ needs, easy to use and fast. Only then will customers experience the brand positively and their time on the website or app is more likely to convert into a sale.
Insurers have been successfully adapting their counter fraud strategies and controls to deal with the increased fraud risks represented by the digital channel. However, the market continues to evolve at a rapid rate, driven by customer demand and modern day life styles. One of the more recent trends to emerge can be categorized as the development of ‘on demand’ or ‘micro-duration’ insurance, largely driven by the life styles of the Millennial generation.
How does the insurance industry react and what are the trends?
Read the in-depth article to learn more about new insurance covers, largely driven by the lifestyle of the Millennial generation.