This is the new age where digitalization
has taken a unique shape. Prior to making any purchase decisions, everyone now
usually consults with the all-seeing and all-knowing Google. Even prior to
buying insurance, people are sure to go through Googling all about it. This is
what has led to the evolution of digital first insurance.
According to the recent studies,
it has been seen that about 80% of the consumers will be performing researches
through their mobile devices. To provide the information as well as the
insights about the insurance products that they have listed, consumers would be
consulting through the insurance aggregator as well as go through the price
comparison websites. Several insurers are forced by the regulations of the
government for the provision of online self-service sales portals that are made
for the customers who are looking to purchase their insurance in Asia. For
assisting them in the process, they may even have a chatbot that would be
available to help the customers who come across any bits of trouble.
It seems nowhere
The first launch of the digital
life insurance company was launched in Hong Kong, which is later followed by
the rest of the world. As the critical price differentiator, here is what they
quote the savings as developed through the elimination of the agent
commissions. People were usually urged to buy insurance online through the
highlight of the embarrassing personal questions that the agents need to ask
from their customers in Singapore in 2017 through a series of advertisements. By
simply clicking a selfie is how in the US, legal and General has usually
steamed the lifeline of the sales process.
Agents scared of being digital
Several agents have purchased in
some fake news that this digital technology would be taking away their rice
bowls as so much the agents have been left out of this digital revolution by
their companies. In regards to the online sales, it was usually in July this
year that over half of the Prudential’s agency leaders who are in Singapore
protested to their Hong Kong regional office and their London head office.
This notion is eradicated
When people are given the chance
where people usually prefer to buy their financial products, ones that are
quite complex from the person, this has been noted through the studies. Agent’s
follow-up was typically rated as the main factor that is involved with the
creation of the decision to make purchase insurance in a recent Deloitte study.
With direct sales that usually form only a small percentage of the whole pie,
the significant majority in the life insurance sales is still through some form
of intermediary in Asia.
Identifying the disconnection
The insurers have readily focused
on the illustration of the agent, the quote, and the buying part of the value
chain and ignored the prospective part of the agent is what the small and brisk
answer would be while the other profiting part of the agents is being connected
to the customers. Over the last ten years of the span into the selling point,
insurers have invested a lot of time and energy. Despite all of the facts being
straightened out, the productivity of the agent is, however, kept quite low
while they move ahead into finding and attracting the customers.
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