Report highlights the changing behavior of consumers around the world
Improving digital engagement may be the key to success for the insurance industry, according to a new report from PwC. Consumers throughout the world are becoming more digitally oriented, relying on the online realm to conduct their daily lives. These people shop online, communicate with their loved ones online, and even work online, and if the insurance industry cannot cater to the changing needs of digital consumers, it may risk losing its ability to engage customers effectively.
Consumers are favoring digital platforms when it comes to researching and purchasing insurance products
The report from PwC notes that 70% of consumers now use digital platforms to research insurance products before they make a purchase. A quarter of all global consumers use these same platforms to actually purchase their insurance coverage. Social media is playing a major role in influencing the purchasing decisions of consumers, as people can easily access the opinions of a massive demographic. Online services that specialize in comparing the coverage offered by insurance companies are becoming particularly useful for digital consumers.
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Many people are willing to provide additional information about themselves in order to receive discounts
The report also shows that a significant portion of consumers would be willing to have sensor technology installed in their homes and vehicles in order to take advantage of discounts offered by insurance companies. Approximately 70% of consumers would download mobile applications designed by their insurance provider in order to manage premiums and remain in contact with their company. Consumers have shown that they are particularly willing to provide additional information concerning themselves if this information would provide them with some sort of discount or special benefit.
Insurers could risk losing relevance if they continue to ignore digital consumers
Insurers that ignore the digital space could be crippling their ability to engage with consumers in the future. More people are relying on technology, particularly that of the mobile variety, and are not likely to respond well to traditional marketing or engagement endeavors. Modern consumers are showing that they are much more interested in dynamic engagement.