The new age of digital first insurance

This is the new age where digitalization has taken a unique shape. Prior to making any purchase decisions, everyone now usually consults with the all-seeing and all-knowing Google. Even prior to buying insurance, people are sure to go through Googling all about it. This is what has led to the evolution of digital first insurance.

According to the recent studies, it has been seen that about 80% of the consumers will be performing researches through their mobile devices. To provide the information as well as the insights about the insurance products that they have listed, consumers would be consulting through the insurance aggregator as well as go through the price comparison websites. Several insurers are forced by the regulations of the government for the provision of online self-service sales portals that are made for the customers who are looking to purchase their insurance in Asia. For assisting them in the process, they may even have a chatbot that would be available to help the customers who come across any bits of trouble.

It seems nowhere

The first launch of the digital life insurance company was launched in Hong Kong, which is later followed by the rest of the world. As the critical price differentiator, here is what they quote the savings as developed through the elimination of the agent commissions. People were usually urged to buy insurance online through the highlight of the embarrassing personal questions that the agents need to ask from their customers in Singapore in 2017 through a series of advertisements. By simply clicking a selfie is how in the US, legal and General has usually steamed the lifeline of the sales process.

Agents scared of being digital

Several agents have purchased in some fake news that this digital technology would be taking away their rice bowls as so much the agents have been left out of this digital revolution by their companies. In regards to the online sales, it was usually in July this year that over half of the Prudential's agency leaders who are in Singapore protested to their Hong Kong regional office and their London head office.

This notion is eradicated

When people are given the chance where people usually prefer to buy their financial products, ones that are quite complex from the person, this has been noted through the studies. Agent's follow-up was typically rated as the main factor that is involved with the creation of the decision to make purchase insurance in a recent Deloitte study. With direct sales that usually form only a small percentage of the whole pie, the significant majority in the life insurance sales is still through some form of intermediary in Asia.

Identifying the disconnection

The insurers have readily focused on the illustration of the agent, the quote, and the buying part of the value chain and ignored the prospective part of the agent is what the small and brisk answer would be while the other profiting part of the agents is being connected to the customers. Over the last ten years of the span into the selling point, insurers have invested a lot of time and energy. Despite all of the facts being straightened out, the productivity of the agent is, however, kept quite low while they move ahead into finding and attracting the customers.