Key emerging business and technology trends across channels to better reach your insurance customers and improve operational performance
Over the last few decades, continued environmental, operational, and technological changes have led to the development of multiple distribution channels in the insurance industry. Insurers no longer rely solely on traditional channels such as agents and brokers, but have developed new alternate channels to drive growth at lower costs. As competition in insurance markets is intensifying, cost savings and customer retention has become critical, forcing insurers to look for ways to drive sales and customer convenience while keeping costs low and maintaining profitability. These factors are leading to the emergence of additional channels such as call centers, mobile and web.
This paper explores four key trends in insurance channels: customers are increasingly using the internet to buy insurance; social media is emerging as a distribution channel; SaaS solutions are becoming more common to enable distribution across multiple channels; and new technology solutions are evolving to automate underwriting and increase direct sales.