How Well Does eCommerce Work for the Insurance Industry?
Around the world, customers are getting so used to buying products online that they seek for every industry to have a strong online presence.
But how feasible is it for the Insurance industry to adopt the norms of eCommerce?
Can an entire industry establish itself online?
How close can the Insurance industry come to the reality of customer expectations?
Let us understand all these points through this blog.
The insurance industry is a complex one and not very simple to understand.
The terms and conditions of an insurance scheme is very difficult to convey in simple terms.
In addition, there must be enough transparency between the insurers and the insured. To enable this, the industry needs to have a physical presence for its customers to reach out whenever necessary.
This raises a valid question whether going purely eCommerce is right for the insurance industry?
Survey has shown that while the majority of them prefer to select and fill out their policy documents online, there is still a significant number of people who wish to connect with an executive who can help them do their formalities.
Websites help customers to choose the best from multiple insurance schemes by comparing them and analyzing which one offers the best coverage. Online presence also helps customers to read the reviews and interact with other customers.
Some company websites have live chats wherein customers can have a live interaction with the chatbots or with the executive. Later you can connect through a phone call or email to clarify your doubts.
There is also a percentage of customers who did not find desired results online and felt uncomfortable looking out for options on the internet. These are the ones who wish to interact with a company representative face-to-face.
While some think that seeking for insurance schemes online saves time, others think that talking to the executive in person helps them understand the authenticity of the company and eventually in decision making.
To conclude, there is no right or wrong answer to whether pure eCommerce works for the insurance industry. While there are companies that can completely sustain on the online medium, companies that belong to the insurance industry must retain their physical presence as well.
If you are one of the leading technology providers in the finance, banking, or insurance sector that book your calendar for the upcoming Seamless Southern Africa 2020 Conference and Exhibition, which will be held on 6-8 April 2020.