An Insurtech study claims that consumers are demanding more digital services from their insurance companies.
The study is part of the 2020 DXC Insurance Survey Report: The Voice of the US Consumer and highlights how consumer demand creates opportunities for insurers to deploy customer-facing digital technologies across their organisations.
Digital transformation by insurers will not only help them “gain market share and boost lifetime customer value” but also assert themselves as “exemplars of a new, more collaborative concept of the insurer-policyholder relationship”, according to DXC Technology.
DXC developed the survey to help insurers transform their business models and compete in a “changing, more consumer-focused market”.
In the survey, 87 percent of respondents said they’re comfortable sharing personal and lifestyle-focused data to benefit lower insurance premiums.
DXC Technology VP and GM of global insurance Phil Ratcliff said: “By embracing new technologies, infrastructure and partner solutions, insurers can transcend the traditional insurance proposition to be more proactive partners in helping customers manage risk and prevent losses.”
“Insurers are in a position to improve loyalty and elevate their brand by helping consumers understand how their products and services work and by continuing to improve the claims experience. The insurance winners of tomorrow will be defined by their ability to place the consumer at the heart of their strategies today.”
More than 45 percent of respondents are comfortable with wearable devices, and 43 percent are comfortable sharing the data from those devices with an insurer in exchange for benefits.
Roughly 43 percent of respondents are comfortable with the insurance industry using technologies, such as chatbots and AI, to assist with insurance applications and claims.
Among respondents 18 to 44, 43 percent prefer to file claims through digital channels. More than half believe an insurer’s app must be as easy to use as consumer apps.
