Direct to consumer (D2C) sales channels are proliferating, as P&C insurers strive to meet customers where they are. D2C provides an opportunity to increase sales and improve customer retention — but it demands a different approach than older tactics, which benefited from a sole focus on the bottom line.
“Most insurers offer a digital insurance mobile app that provides digital proof of insurance and a way for customers to pay their premiums or file claims,” wrote for Mobile Business Insights in 2016. “These features are all common now. Insurers that don’t offer similar tools are already behind.”
In a 2009 interview with Insurance Journal, of The Hartford ranked “improving operational efficiency” third on a list of essential priorities for P&C insurers, below both customer retention and a systematic sales approach.
Direct to consumer (D2C) sales have shaken up multiple sectors, from retail consumables to insurance sales. While D2C sales of property and casualty insurance have the potential to improve customer satisfaction, increase upselling, and boost retention, moving into the D2C space also poses challenges for insurers who have invested heavily in more traditional models.
The traditional product development cycle in property and casualty insurance moves at a snail’s pace. Drafts, approvals, revisions, verifications of key details and other steps place months between the moment a new product is envisioned and the day it becomes available to customers.
“With integrated, comprehensive security and fire and life safety system oversight in place, facility managers are better equipped to minimize disruption and focus on creating what matters most: a safe, secure environment, maximum efficiency and uptime, and a healthy bottom line.”
For decades, privately-owned, privately-insured cars have been so common that few people have questioned these models of transportation and risk.
Digital innovation in insurance are moving faster than ever — and this May in Austin, Texas, the DigIn conference will spend three days focusing on the change.
This year’s DigIn conference revolves around the topic “.” The three-day event kicks off May 14 in Austin, Texas, and it features not only an all-star list of keynote speakers, but also live demonstrations from some of the biggest names in insurtech today.
The Auto Insurance Report National Conference (AIRNC) enters its 21st year in 2018 with an April conference in Dana Point, California. According to sponsor , this year’s conference features nearly every auto insurance provider in the United States, along with a wide range of specialist data and professional services suppliers.