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
– 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
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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