18 May Insurance Innovation Reporter – Why Insurance Companies Must Hop on the Digital Bandwagon
Contemporary society is digitally fueled, and insurers need to get on the digital bandwagon to improve their business by enhancing customer experience to improve engagement and loyalty.
The insurance industry is in the throes of a major overhaul. Results of a 2014 survey by Morgan Stanley and the Boston Consulting Group explain that this is a consequence of two factors: the role of new technology and the emergence of a younger “millennial” generation of customers. Together, these two factors have forced insurers to question the best ways of relating to and engaging with their customers. In today’s digital age, insurers must realize that incorporating digital strategies and products into their offerings is the best way to connect with the “Millennial Generation” and the consumers of other generations whom they influence.
How urgent is the digital imperative?