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Non Life is going online in Asia : Review of Celent Report

Celent Prediction : nearly 4 times more non life business will be transacted online in 2017 compared to 2012

Celent have  published (November 2012) an interesting report on this topic  with the title “Property & Casualty Insurance e-business in Asia : Trends and Best Practices”. The Digital Insurer was kindly allowed to review the report  for the purposes of publishing an online review – thanks to Yumi Nagaoka (Celent’s editor in Asia).

The report starts by outlining the well documented macro trends in the increase in the use of mobile devices.

The rest of the report is dedicated to examining progress insurers are making to sell business on-line in a pure direct model. It includes clear advice and examples from insurers in the region. Some of the highlights of this analysis include:

  • A Celent prediction that online premiums will grow from just over 2% of total GWP  in 2012 to 8% of GWP  in 2017
  • A summary of the regulations across the region that have enabled electronic regulations (and e signatures)

Advice for insurers establishing online selling capabilities

Suggestions fom Celent for insurers who are setting up online P& C businesses include

 – Focus on user experience; provide user-friendly interface and process

– Provide excellent customer service, especially in claims

– Use simple words, active voice, and direct speech

– Leverage various communication tools, such as live video chat, to help potential clients whenever they need help

– Support for various devices, such as PCs, mobile phones, tablets, etc

– Leverage various marketing tools, including social media, to generate traffic to the website, as well as to build relationships with
individual customers.

 

In summary the report has original research that will be of interest to P&C practitioners responsible for direct online businesses (or thinking of doing the same).

To get the full copy of the report you need to contact Celent directly – this link will help.

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