Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Customers go digital and prepared to get personal

Customers go digital and prepared to get personal with insurers for best offer

Increasing digital engagement with customers is essential to gain attention and ensure products and services stand out, according to PwC’s latest global report - Insurance 2020: The digital prize – Taking customer connection to a new level.Seventy per cent of insurance consumers now use a digital platform (price comparison websites, insurance sites and social media) to research before buying products or services.

PwC New Zealand Partner and Insurance Sector Leader David Lamb says, “What we’re seeing is just how strongly embedded digital already is within the global market and the potential for the New Zealand insurance industry to take the engagement and commercial possibilities further here.”

A quarter of global survey respondents have purchased general insurance online (using web or mobile devices). Meanwhile, social media and internet comparison websites are expanding customers’ ability to discover and compare products and services.

“Far from just being another channel, the impact of digital is transforming what customers expect which will create fresh opportunities for companies to get closer to their customers, moving insurance from a price to a value consideration for New Zealanders.

“Customers want policies tailored to their requirements and to only pay for what they need. The opportunities that digital is creating means that in the future, policies can be tailored to a specific person’s set of circumstances and preferences.

“There will also be potential downstream advantages if New Zealand has any more large scale natural disasters, companies will be able to utilise the digital channel for greater customer insight and engagement around claims, and be more able to meet customer needs, in their time of need.

“The market leaders in New Zealand will be the companies developing longer lasting relationships by using digital capabilities to gain enhanced customer knowledge and harnessing that information to profile customers more effectively, fine-tune underwriting and delivering customised solutions,” says Mr Lamb.

Getting close to customers
The survey suggests more than half of those surveyed globally would be prepared to provide their insurer with additional personal and lifestyle information to enable them to find the best deal. Other key findings include:

• Sixty seven per cent of respondents would be prepared to have a sensor attached to their car or home, provided the end result is a reduction in premium.
• Nearly 70% would be willing to download and use an app from their insurance provider.

The next level of ‘information advantage’ comes from extracting risk and customer data from sensors, GPS, purchases, social media and other digital trails people leave. The real value is enabling customers to understand how much risk they’re exposed to. Insurers can not only price risk more precisely, but offer more informed advice on how it can be reduced and mitigate.

Need for human assurance
When asked what would encourage them to purchase online, access to telephone support (35%) and online advice from a professional advisor (30%) were particularly important.

While the move to digital is compelling, customers still like the opportunity to interact with an individual. Web chat, co-browsing and video chat provide ways to enhance the digital experience and help customers.

Speeding up and putting things into action
According to PwC’s latest global CEO survey, 50% of insurance CEOs see new market entrants as a threat to growth – far more than any other financial services sector.

New entrants are a real threat to the existing market and general insurers need to be agile and use the increasingly available data to provide tailored solutions for customers, in a manner similar to telecom and technology companies.


- ends -

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news