Studies show there is room to invest in the User Experience.
According to comScore, despite insurance shopping remaining relatively flat, 71 percent of those shopping in the past year obtained a quote online in 2014, a 4 percent increase from 2013.
Ernst and Young recommends that insurers embrace digital to improve poor customer relationships.
The World Insurance Report of 2014 by Capgemini and Efma, finds insurers profitability rests with improving customer experience via digital transformation. The report also reveals digital channels, especially mobile, offer greatest opportunities to impact profitability and customer retention.
The Harvard Business Review continues to underscore that insurance companies have untapped the digital opportunity.
The blur between direct and agency channels is growing:
Omnichannel is not just for retail. Information Week recently covered the difference between multi-channel and omnichannel in Insurance. Others feel multi-channel is already dead, and that Insurers should focus on omnichannel strategies.
In the ever increasing competitive world of insurance, where there is little to no differentiation between one provider and another, a key area where insurance companies can increase market share is by making the purchase process as intuitive as possible.