Today, digital transformation is more of a necessity than a value driver. Insurance is a highly regulated industry where it is not easy to move quickly, but the fact is consumers are moving at exceptional rates. Consumers expect the same convenience and simplicity from their insurance companies that they demand when ordering food or a booking a cab. They demand clear, relevant, rapid information at the time of their choice.
An EXL text analysis on consumer review data for one of the top UK insurers demonstrated that the inconvenience of providing the NCD proof was a bigger concern among customer reviews than the claims. Clearly, the customers are increasingly getting easier to upset and harder to please.
The companies that will stand out will be the ones that find ways to move at the pace of the people they’re insuring.
This article looks at what digital transformation means for UK insurers’ marketing functions and how they engage with consumers.