Purchasing insurance products is a cumbersome process, and most customers utilize both offline and online channels to research their options and gather the necessary information before they are confident of making a purchase.įor this reason, digitalizing processes in insurance companies should not be seen as a replacement for the existing agency model. Silos Across Business Lines and Distribution Channels That is, adopting a truly digital-first mindset, rather than offering unchanged products with an online quote and bind journey and putting band-aid solutions on outdated business models. While digitalizing parts of the customer journey was a great initial step, it did not address the industry’s core problem.
Many large incumbents have partnered with insurtechs and invested in technology platforms to digitalize their selling or claims management process, establish virtual payment options, or improve their websites’ usability with chatbots. In recent years, Insurers have sought to digitalize their processes and improve their customer experience, making it more seamless and tailored to the needs of today’s digital consumers.
