Bolt Solutions Survey Finds Carriers in Need of Digital Distribution Strategies
Staff Writer | August 26, 2016
Bolt Solutions recently conducted research on how different P&C insurers have been affected by and adapted to shifting consumer demands. With respondents including top staff from leading P&C insurers nationwide, the survey found that the industry feels it may be ill equipped to make the changes necessary to drive it forward.
Strong consumer trends for ease of access and more customer-focused service are driving insurers to meet evolving market expectations. Consumers prefer online shopping, yet also want the option to speak to a representative during the process. Fifty percent of consumers prefer this hybrid method of both digital and personal interaction.
Today’s consumer expects immediate answers and results, and the insurance industry has responded slower than other industries, such as Amazon and iTunes, but is now beginning to plan for the reality of the digital world.
The survey found that the majority of carriers are aware of the changes they need to make, especially to their digital distribution strategies, to better engage and satisfy customers. Still, many carriers are not prepared to implement the tools and services required to respond to the market transformation.
Key Takeaways
- 90 percent of respondents believe consumer online shopping and buying behaviors have led the P&C insurance industry to transform its distribution strategies.
- 21 percent believe a digital distribution strategy is very important and 33 percent somewhat important.
- 20 percent of respondents believe a comprehensive digital distribution strategy that fully satisfies their consumers’ needs is very important; however, just over half (54 percent) are only somewhat equipped to do so.
- 40 percent of respondents have not selected a tool or service to support their digital distribution strategies.
- 95 percent of respondents believe insurers need a holistic approach to their digital distribution strategy; however, nearly 70 percent believe their company is only somewhat or not very equipped to implement this approach.
“The P&C insurance industry is at a crossroads. It must innovate, yet many insurers don’t feel equipped to respond to the evolving consumer shopping preferences and buying expectations that are driving industry transformation,” says Kathleen Garlasco, senior vice president, enterprise marketing for Bolt. “Insurers are looking for tools with inherent analytics capabilities that seamlessly connect to back-office systems and offer the product choice necessary to drive customer acquisition, retention, satisfaction and wallet share.”
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