• Services
    • Digital Development
    • Quality Engineering & Assurance
    • Cloud Migration
    • Strategy
    • Experience Design
    • Data
  • Process
  • Thinking
  • Join Us
    • Careers
    • Culture
    • Events
  • Work
    • Success Stories
    • Industries
    • Partnerships
    • Technologies
  • Contact
  • Facebook
  • Twitter
  • LinkedIn
  • Google+
  • RSS Feed

Terms & ConditionsPrivacy PolicySitemap

Magenic
menu
  • Services
  • Process
  • Work
  • Contact

Convenient, easy, accessible: 3 key words for insurers of the future

October 11, 2016 // By Magenic

Traditional insurance providers are facing massive competition from online sources, and one way they’re keeping ahead of the game is through added convenience.

In today’s highly connected world, consumers can handily compare price points and benefits online, meaning savvy insurers must make their offerings highly accessible, understandable and transparent, responding quickly (maybe even in real time) to questions and queries. When clients don’t have to work hard for answers, they put trust in the provider and come back for more, which helps move business relationships beyond the basics. That ease of service also reassures clients a brand is progressive enough to thrive in the 21st century.

Vendors that can’t meet the new standards of convenience and service are at risk of falling by the wayside. An Accenture study reveals that 51 percent of U.S. consumers (up from 5 percent the year before) switched insurers in 2013, citing poor customer-service experiences. That means a potential $1.3 trillion worth of insurance could be up for grabs.

Smart insurers can step up by better meeting customer expectations brought about by the burgeoning age of digital. The industry at large has been slow to embrace digital technologies that will heighten customer convenience, says one report by EY Global Insurance, citing that 80 percent of insurers fail to categorize themselves as digital leaders.

“Insurers trail the entire digital spectrum — customer engagement, use of analytics and adoption of mobile and social media,” the study reports. “Industries such as telecommunications, consumer products, and media and entertainment have already harnessed digital to attract and retain new customers. It is time for insurers to evolve and respond; they cannot afford to be on the sidelines.”

That’s true in all insurance sectors but especially in health care, a field under transformation by the demand for ease of use, greater transparency, do-it-yourself applications and real-time data via mobile. “New entrants … are arriving with disruption on their minds, as the effects of the Affordable Care Act continue to ripple through the sector,” explains the PwC Health Research Institute. “The health-care sector will begin to look and feel like other industries, catering to customers expecting one-click service. A true consumer-driven market is slowly taking shape.”

When it comes to insurance, the path of least resistance can be a powerful lure for busy clients. Forward-thinking insurers will understand that and take a good hard look at whether they’re keeping their communications and transactions stress-free and easy.

Read more about how insurance providers can remain relevant in the Magenic white paper “Lenders, Insurers Turning Digital Challenges into Innovation Opportunities.”

Categories // Financial Services
Tags // Insurance , Customer Experience , Digital Innovation
SHARE:
THE LATEST:
  • FEBRUARY 12, 2019 // blog
    Maybe My Mom Wasn’t Right – A Dirty Room for Automation
  • FEBRUARY 8, 2019 // blog
    Security In Five Bi-Weekly Roundup – 2/8/19
  • FEBRUARY 8, 2019 // blog
    Automation Execution – Here There Everywhere
Featured Content:
  • White Paper
    Stay Ahead of the Curve: App Dev Trends Coming In 2019

related Posts

APRIL 6, 2017 // Financial Services // Blog

White Paper - Early Partnerships Ensure Success

MARCH 9, 2017 // Financial Services // Blog

Creating an innovation culture: Where to begin?

FEBRUARY 27, 2017 // Custom Application Development // Blog

How You Can Jumpstart Innovation in Financial Services

FEBRUARY 15, 2017 // Financial Services // Blog

Driving Innovation and the Role of Product Management

Contact Us

For more than 20 years, Magenic has helped some of the world’s best and biggest companies create innovative digital products quickly and seamlessly.

We move fast, look forward and collaborate with clients to get them to market sooner. Find out how we can help you Fast Forward to success.

This field is required
This field is required
This field is required
This field is required

Thanks for Contacting Magenic

One of our experts will be contacting you directly within the next business day.

Return To Home
Magenic

info@magenic.com+1.877.277.1044

  • Facebook
  • Twitter
  • LinkedIn
  • Google+
  • RSS Feed

© Magenic Inc.Privacy PolicyTerms & ConditionsSitemap