Rapidly changing consumer behaviour has caused the insurance sector to transform at an unprecedented rate. Recent communications and technological advances have dramatically altered the way that consumers expect to buy insurance.
Health and life insurers are challenged by a combination of an aging population and an increasing number of people with chronic illnesses. Meanwhile new market entrants and advances – such as driverless cars and telematics – have created a heavily-competitive environment where customer service and security are the crucial differentiators.
Across the board, consumer expectations continue to accelerate rapidly – they can now access any information that they desire within a fraction of a second online on platforms such as Google, driving increased demand for any-time, anywhere and self-service capabilities.And when they get through to advisors, they expect agents to offer intelligent advice on mitigating and managing their own risk, not just answer simple questions and deliver policy information.
However, increasingly rigorous regulation forces you to be especially careful around sensitive information, meaning that agents and self-service applications must only be able to access the data they are permitted to.