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Digital distribution in insurance: a quiet revolution – Sigma report by Swiss Re

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Article Synopsis :

An insurer may have the best products in the market, however if they lack proper distribution channels it exposes their business to the risk of losing out to competitors. Digitisation driven disruption has enabled customers ever so more- they now increasingly use technology, smartphones and social media platforms to gather information, seek advice, purchase insurance and make claims among other things. Insurers simply need to innovate and adapt to digital distribution channels in order to be in business.

 The Digital Insurer reviews Swiss Re’s Report on Digital distribution in insurance: a quiet revolution

Digital – a quiet revolution?

In the sigma report titled “Digital distribution in insurance: a quiet revolution”, Swiss Re provides insight into the process of distribution channel review and selection. The report highlights that insurers need to prioritise digital investment and to dedicate resources to digital channels. The key areas discussed in the report are:

  • An evolving distribution landscape
  • Insurance on the web
  • Mobile devices
  • Potential role of Big Data in distribution; and
  • Strategic implications for insurers: threat, opportunity and challenges

 

Link to Full Article:: click here

Digital Insurer's Comments

Insurers who get the ‘digital formula’ right have a lot to gain. At present, there is a wide gap between what customers want and what customers actually get. The critical issue that insurers must address is determining how to select the right distribution channel and how to transform a multi-channel experience to an omni-channel experience. While searching for the right answer insurers will have to:

  • Review their current state of affairs
  • Prioritise investment in order to deliver an omni-channel experience
  • Exploit the potential of analytics and big data to identify profitable channels
  • Shift focus to mobile devices from traditional channels

Link to Source:: click here

 

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