Customers´ versus Experts´ Perspective in the Insurance Industry
As consumers, we are becoming increasingly digitally savvy and channel a growing part of our communications through social media. By doing so, we are putting the businesses we interact with to a hard test, as strategies and ways to respond to this societal development are diverse and sometimes unclear.
In a recent survey, the ‘Digital Insurance Monitor 2016’ (DIM), 3,000 insurance customers as well as more than 100 insurance managers from Austria, Italy, Germany, Switzerland and Turkey have been asked the most urgent questions pertaining to the relationship between consumers and their insurance companies.
The following questions had been looked into in more details:
- New ways of communication and information search are becoming increasingly available. Is digitization jeopardizing the end-customer relationship?
- End-customers are increasingly willing to buy insurance online. Is this the end of offline insurance sales?
- Increasing cost pressure forces insurance companies to more and more consider self-service offerings. Will customers accept these or is the customer orientation in danger?
- What opportunities does digitization offer to strengthen the end-customer relationship?
- Data are said to be the new gold of the financial service industries. Is that indeed true?
- Does digitization offer ways to improve the confidence in the insurance industry service capabilities and credibility? How can digitization help transform claims and benefits management?
A brief preview of the results:
Insurance companies expect that by 2020, over 40 percent of all policies in car and travel insurance will be sold online. Germany and Italy have a pioneering role in terms of online insurance sales. 49 percent of German customers and 44 percent of Italians have already bought insurance online. In Switzerland, Austria and Turkey, this number is roughly 25 percent. But only 21 percent of customers would again go for an online self-service offer as they didn’t find their previous experience very convincing.
These and other details reveals the DIM 2016, which will give an interesting snapshot of the current situation. This survey is convincing by the open and committed participation of the managers in the interviews as well as by the customer feedbacks.
Read and download the Digital Insurance Monitor 2016.