The insurance industry is facing enormous pressure as digital transformation is fundamentally changing how insurers’ operate. Customers are now much exposed to the social media than ever before and have plethora of comparison sites to compare policies and premiums before making any purchase. According to a new article by McKinsey headlined- Time for insurance companies to face digital reality, “insurers should not underestimate the changes that digital will bring to their industry and the challenges they will pose. Neither should they overlook the significant short-term profit improvements that are within their grasp if they digitize their core businesses, nor shy away from innovating to be part of an exciting future that is unfolding for the industry”.
Keeping this in mind, below we have compiled 5 stunning stats on the importance of digital customer experience for the insurance sector: