Sixty percent (60%) of insurance consumers don’t have the patience to fill out and send paperwork, while 76% think digital will be a lasting trend even after COVID-19 (coronavirus) is finally subdued. These stats were obtained from a survey conducted in mid-May by Sapiens and Lightico, a Sapiens partner, of 1,028 customers. They, along with other statistics in the survey, underscore how deeply digital is becoming entrenched and its expected impact on insurance policy sales, service and claims.
The new eBook, “Covid-19 Survey: Insurance Challenges and Opportunities During Crisis,” which was co-sponsored by Sapiens, might surprise you. It found that consumers are willing to cut expenses in practically every area of their lives, except insurance. Corona has people thinking more than ever about their health and mortality, and communication with insurers has increased.
Many carriers agree that now is the time to invest in digital innovation to maintain current customers and impress potential insureds, and some insurers are already gaining speed.
Digital transformation plans are moving full steam ahead for innovative personal lines insurers, with 28% accelerating and only 5% retrenching. And one-third of commercial lines insurers are reshaping or accelerating investments and digital investment plans (according to the Strategy Meets Action report: “P&C Tech Plans in the COVID-19 Era: SMA Market Pulse Insights”).
With many carriers feeling the effect of the global economic downturn and an increase in claims, competition for each new customer is stiff. Carriers who can deliver high performance and streamlined, digital experiences, powered by a strong core system, will obtain the competitive advantage. Your existing and potential customers want you to go fully digital, don’t disappoint them.
For additional information, please check out Lightico and Sapiens’ NEW eBook to gain a better understanding of customer sentiments and actionable insights…