Despite facing the European crisis, insurance companies cannot afford to ignore the other industry and consumer trends that are out there and should make the digital agenda a priority in 2012, according to a new Forrester report. The rapid adoption of new technologies, like smartphones and tablets, is changing customer behaviour and forcing insurance companies to transform their distribution channels into multi-touchpoint customer experiences supported by agile commerce platforms.
Forrester analyst and author of the new report, Auke Douwe Veenstra, writes in a blog post “Too many insurance companies today think of digital channels and eBusiness are about adding yet another distribution channel to existing ones. Moreover, they think of digital channels as being about cutting costs, but this is only part of the story. Their true value lies in the fact that customers love digital touchpoints (including mobile phones and tablets) because they perceive them as the gateway to better priced products and to greater convenience. Insurance companies should be brave enough to face the issues of dual pricing and cannibalisation or somebody else will disrupt their business.”
The new research includes five key areas of action for insurance companies in 2012:
-creating a more agile organization;
-developing additional distribution opportunities;
-mitigating channel conflict with more support for agents;
-driving customers to today's digital offerings;
-building a new generation of digital insurance that is SUPER — simple, ubiquitous, personal, empowering, and reassuring.
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