The insurance industry is facing enormous pressure as digital transformation fundamentally changes how insurers operate. Customers are now more exposed to social media than ever before and have a plethora of tools available to compare policies and premiums before making a purchase. According to a new article by McKinsey headlined, Time for Insurance Companies to Face Digital Reality, insurers should not underestimate the changes or challenges digital will bring to their industry. More importantly, insurers shouldn’t overlook the significant and immediate profit improvements that are within their grasp if they digitize their core business. Industry players need to embrace innovation and become a part of the exciting future that is unfolding.
Below we have compiled 5 stunning stats on the importance of digital customer experience for the insurance sector: