Digital technology is rapidly developing and insurers need to keep up in order to thrive. Between social media interaction and the emergence of the sharing economy, P&C insurers need to meet higher standards for fast, efficient purchasing and product choice through digital distribution.
According to InsurTech company Bolt Inc, more than 85 percent of consumers are unhappy with the communications practices of their insurer, and 45 percent of consumers have abandoned a full shopping cart when the merchant couldn’t deliver the full range of products they wanted.
“Statistics like these speak to the growing demand for personalized service,” says Kathleen Garlasco, senior vice president of enterprise marketing at Bolt. “Consumers want to engage with an insurer who knows them and can offer all of the insurance products they need.”
According to Bolt, a leading insurer learned this the hard way when 30 percent of customers entering their new website failed to engage. By adopting a digital distribution platform with a tightly integrated market network, the insurer was able to provide 92 percent of customers with an offer and grew market share by 7.3 percent.
To learn more about the new era of insurance, see the infographic from Bolt below.
(Click image to enlarge.)