‘‘DDi­ig­gi­it­taall nnaat­ti­ivveess’’,, nneeww bbr­reeeedd ooff lliiffee iinnssu­ur­raan­nc­cee ccu­usst­toom­meerrss

Financial Mirror (Cyprus) - - FRONT PAGE -

A new breed of cus­tomers, namely the dig­i­tal na­tives, is ex­pected to dom­i­nate the life in­sur­ance sec­tor, ac­cord­ing to PwC’s lat­est in­sur­ance re­port – Forc­ing the pace: The fast way to be­com­ing a dig­i­tal front-run­ner. These con­sumers are bet­ter in­formed, more con­nected and vo­cal thanks to SMAC (so­cial me­dia, mo­bile, an­a­lyt­ics and cloud).

The re­port high­lights how low-in­come pol­i­cy­hold­ers, tech-savvy mil­len­ni­als and Gen­er­a­tion X-ers are in­creas­ingly us­ing the in­ter­net and so­cial me­dia to com­pare and buy prod­ucts, with di­rect-to­con­sumer life poli­cies ex­pected to be a key growth area.

The PwC re­port shows that re­vi­tal­is­ing the life in­sur­ance sec­tor starts with cre­at­ing new op­por­tu­ni­ties with un­der­served mar­kets, par­tic­u­larly young people and lower in­come con­sumers. While only 11% of cus­tomers in the sur­vey have made the move to pur­chas­ing life in­sur­ance on­line us­ing a PC, lap­top, smart­phone or tablet, the re­port re­veals that in the United States alone, more than 60% of con­sumers aged 18-54 would find this at­trac­tive. Ac­cord­ing to a con­sumer poll sur­vey con­ducted in com­bi­na­tion with the life in­sur­ance re­port, con­sumers high­lighted ease of ac­cess (63%), 24/7 avail­abil­ity (60%) and cost ef­fec­tive­ness (53%) as the top three rea­sons that would in­flu­ence their de­ci­sion to pur­chase life in­sur­ance on­line.

The re­port in­di­cates that in com­par­i­son to other sec­tors – in­clud­ing non-life in­sur­ance – life and pen­sions businesses have been slow­est to cap­i­talise on the commercial po­ten­tial of the dig­i­tal age.

The re­port is avail­able at http://www.pwc.com/in­sur­ance/dig­i­tal-life

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