Digital channels play an especially important role in the early stages of the purchase decision. Currently, approximately 75% of consumers search online for information about car and health insurance and almost 60% look for home, life and savings insurance, according to data from the same survey. This means that a large part of the demand for insurance is being channeled through the Internet.
The web has therefore become a major way to take out insurance policies. Either through insurance company websites or smartphone apps, consumers can take out a policy at the click of a button and even “turn their services off and on”.
A different system with the same rights
It is important to remember that these new forms of remote purchasing have the same effect as when you take out a policy face-to-face through an insurance mediator and they grant the consumer the same rights as when doing this in person. The advantage is that it saves time and eliminates travel, you can compare offers more easily and you can design the policy to cover your specific needs.
Technology has significantly changed the entire process of the insurance value chain. And not only in terms of being able to take out insurance through a mobile device, but also, and very importantly, it has affected the information and claims management process. Having a mishap and reporting the location to the company, taking photos and sending them, sharing the contact details of the other people involved, and so on, are already commonplace in many countries.
The aim of all this is to personalize the insurance company’s offer much more and make these services more practical and convenient. In fact, some insurance companies have opened up spaces within their own structures to startups with new ideas capable of technologically revolutionizing this market. It confirms that although the business has been around for centuries, insurance is at the cutting-edge in terms of customer service.