Market Trends Are Pushing a Slow-to-Adapt Insurance Industry into the Digital Age, Majesco Research Finds

Market Trends Are Pushing a Slow-to-Adapt Insurance Industry into the Digital Age, Majesco Research Finds

Recap: Digital!

Stats

  • NPS scores from customers who rated all three broad components of their journey across the insurance value chain as “easy” (researching, buying, servicing) with 50 to 76-point higher NPS scores compared to customers who rate even one part of the experience as “not easy.
  • 70% of independent agents report that they have a strategy in place to move to digital technologies
  • 79% of consumers indicate they prefer to use digital channels for interactions
  • By 2020, over 60% of US small business will be owned by Millennials and Gen Xers, who prefer to manage insurance digitally
  • Digitalizing processes can result in a 65% reduction in costs and a 90% reduction in turnaround time

 

  • majesco-diagram-h

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