With the Internet playing an increasingly important role in business operations across all sectors, companies now realize they need to adapt to the digital sphere to maximize their earning potential and customer reach. Research shows that businesses that embrace digital adoption see a five times greater impact on growth than those who resist going digital.
In comparison with others, the insurance industry has been quite slow in using digital channels as a core part of business operations. 79% of insurers say they are still learning about digital, while more than half of insurance companies do not have operating models that can incorporate digital. This is extraordinary in an era where online operation is not a bonus but a prerequisite to become an industry leader.
More than half of the world’s population spends time online every single day, indicating that customers want to be able to interact with companies through digital channels. A business that gets its digital operations right will deliver on customer expectations and retain those customers, who, in turn, will speak in a positive light about the brand. This word-of-mouth marketing is highly likely to result in more customers. It’s high time that insurers realize this and take action to allow for their customers to interact with them online.
The infographic below, which was created by Top Quote, outlines the digital challenges faced by the insurance industry and what insurers can do to address these challenges.