future of insurance 2017

Insurance innovators – Future of insurance 2017

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Touch Millenial Generation

The generation of immediacy

Millenials are a generation all in one click and on demand. It’s about listening to them, 24 hours a day, 7 days a week. A quarter of millenials expect an answer in less than 10min via social networks.

The corollary is that if the online process is not satisfactory, they are quite inclined to make their purchase in physical networks to avoid delays.

Fluid experiments

The millenials and the smartphone is an extremely close relationship. They use it for their financial services more than for any other service (including shopping).

Many insurers are embarking on a” mobile first” approach to capture this generation. On the other hand, it would be wrong to believe that it must be” mobile only”. Indeed, they are looking for human contact too. It is thus the omni-channel which must prevail to pass easily from one channel of distribution to another.

However, while the majority of insurers are aware of this point (9/10), only 46% think it is essential. In addition, the market is globally unprepared because almost one in two actors still has to integrate a channel. When we know that this generation does not forgive a low quality customer experience, a failure at this stage could be expensive!

future of insurance 2017

Application fan

90h per month spent on apps! This is sobering insurers. In addition, 65% of the growth of web uses comes from mobile.

Most respondents are aware of the importance of choosing the right channel for this category of people. However, only 23% offer a mobile application. This is one of the major differences with the banking world, for which the uses are extremely developed.

future of insurance 2017

To be social or not to be

On average, no more than 5 hours pass without the millenials controlling social networks (Facebook, of course, but also Instagram are in good position).

It is then for insurers to intelligently take advantage of the opportunities offered by these platforms. Messenger, Facebook’s internal chat, for example, makes it easy to interact with customers.

For the moment, only 24% offer a Facebook channel, but this should rise to 2/3 within 2 years.

Instantaneity should also direct work towards live chat (What’s app or Snapchat for example). A study shows that almost none of the major insurers are present on What’s App while it is a factor that improves customer satisfaction. ( Note: provided this is done well! )

Lifestyle portals

The search for convenience and centralization of services should soon lead to unique platforms. These will be the link between a customer, and a multitude of services under the” one-click order for everything” mode. These concierge services of a new kind can also centralize customer data. Then they will be able to provide them on request (and subject to customer acceptance) to the providers of these services.

future of insurance 2017 future of insurance 2017

The imperative of customization

More than 80% of respondents consider it essential to offer personalized offers adapted to the situation of a client / insured.

The good news is that, as we have seen above, it is now possible, thanks to the coordinated use of connected objects and artificial intelligence.

Insurance on demand

Ready-made products are no longer satisfactory for Millenials. You have to change your strategy: from product sales to needs coverage. To do this, traditional products must become more flexible, contain options, and be customizable. It’s integrated for 93% of the market. future of insurance 2017

This subject is not trivial and few insurers are able to respond satisfactorily to date. Indeed, this supposes a reflection on the entire supply policy. 3/5 insurers are not ready, and therefore risk leaving market share along the way.

Usage rather than property

More than half of the Millennials use collaborative economics and sharing last year.

More than 2/3 of insurers agree that providing insurance products to cover this type of need is a real growth driver for the future. However, it’s a real paradigm shift because the products have always covered the property and that’s not enough anymore.

Only 10% are already positioned on the market, which leaves some good prospects. future of insurance 2017

For this type of contract, going through partnerships can be a good way to keep the necessary flexibility.
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Insurance innovators – Future of insurance 2017
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