Insurance in a digital world
What makes Dutch consumers tick?
Digital enables changes in the ways consumers can gather information, buy products and communicate with insurers. Consumers are ready for digital insurance so there are major opportunities for insurers to conquer these new markets. Insurers that have vision and the courage to design digital insurance services will be the winners in the future insurance market space.
Three most promising digitally enabled services
Our research amongst 900 Dutch consumers shows that the three most promising digitally enabled services are:
- usage- and behavior based insurance
- mobile based insurance solutions
- risk detection and prevention services
Usage- and behavior based insurance (UBI) accelerated by technology
Driving down costs & increasing convenience and effectiveness is within reach for insurers. Our research shows that telematics-based UBI will be accelerated by technological developments. Through UBI programs, insurers are able to differentiate products, gain competitive advantage, attract low-risk policyholders and influence policyholders’ behavior reducing the number of claims. However, are consumers ready for this change?
Mobile enables ‘anytime, anywhere’ customer engagement
While the internet has enabled a new level of efficiency and convenience, mobile has truly enabled ‘anytime, anywhere’ customer engagement. Mobile will always need to be complemented by other channels but it enables insurers to reach current and potential customers in new ways with new offerings. Has mobile the potential to fundamentally change the insurance game like the internet did?
Data: game changer in risk & prevention
The amount of available data will grow significantly through the growth of smart homes, smart cars and smart cities. Insurers who can get a hold of part of that data and translate it into personalized risk related information will be the ones that can not only optimize their traditional pricing engines but also equipped to provide truly differentiating services in this area. Would consumers like to share their data with insurance in return for a further benefit on their insurance premium?
Would you like to have more information about the digital insurance report or the opportunities of digital insurance? Please contact Frank Bovee at +31 (0)88 288 788 or +31 (0)683339412 or via e-mail: FBovee@deloitte.nl.
Customer & Markets Strategy
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