New research shows that over 70% of consumers have used some form of digital research before buying an insurance policy. Around 26% of consumers currently purchase their plans online, with this number set to continue rising, particularly among millennials.
While most insurance companies are focused on leveraging an eCommerce model to sell their traditional offline services in an online 'store', leaders are developing deeper, more personal and longer lasting relationships by using digital capabilities to improve the knowledge base of their customers.
Engaging customers through social media channels can also derive business insights that help insurers understand consumer sentiments, preferences and behaviour.
A recent report from IDC states that two-thirds of CEOs will be focused on digital transformation strategies throughout 2016.
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