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Global Insurance Research – Digital Transformation key for survival

Throughout the world, COVID-19 has been fuelling the acceleration of digital transformation. New research from TransUnion on the performance of insurers during the pandemic also indicates this trend. “The pandemic has sparked a fundamental shift in consumer demand and buying behaviour, pointing to an emerging new paradigm requiring new digital assets like seamless onboarding with robust identity verification at point of contact,” TransUnion reported recently.

An analysis by TransUnion of quote volumes during COVID-19 revealed considerable variations across regions. In the UK, for example, it was found that volumes were relatively flat, whereas South Africa and India experienced a substantial decrease. To analyse this further, TransUnion looked at how insurance is sold in different regions, broken down by distribution channel — digital direct, intermediated or aggregated.

Here are some of their observations:

In the UK, where volumes were least affected, around 80% of auto and property insurance is sold through digital platforms (about 70% digital aggregation and 10% digital direct).
These platforms offer customers an end-to-end service, from quote to policy document.
The remaining 20% of sales are from intermediated channels, where a broker or sales representative plays an important role in the process.
Regardless of region, those that were managing better through the crisis had three characteristics in common, namely a differentiated, digital distribution; the complete buying journey is conducted online and customers can perform a range of policy services online.

Work-from-home and lockdown policies required people to do just about everything online. This new normal will lead into a customer demand for ongoing online interaction.

Online interaction with your clients is therefore a differentiator that can no longer be ignored.

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Click here to read more about the TransUnion research.

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