Whether or not insurers are ready, consumers are open to change when it comes to shopping for and buying insurance products. According to research from Accenture, 67 percent of insurance customers would consider purchasing insurance from organizations other than insurers; 23 percent would consider buying from online service providers such as Google and Amazon; and 52 percent would prefer to apply for or purchase insurance products online.
Consumers’ openness to new distribution channels is a manifestation of several emerging technology trends, Accenture said, including the blurring of the digital and physical; the increased availability of data; the rise of the borderless enterprise; and advanced hardware and apps. Insurers, on the other hand, largely have adopted digital distribution channels and grafted their digital strategies onto legacy systems, business processes and business models, Accenture explained. Rather, insurers should plan for a more thorough business transformation that leverages emerging technologies.
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