Disruptive technologies. Everybody’s throwing this phrase around but how many actually understand what the process is? You only need to look to other industries which have been transformed through technological advancement. Uber, Air BnB and Netflix have broken the operating moulds in their respective industries. Now at the touch of an app you can check your health, hail a taxi, watch a movie or order a family meal delivered direct to your door.
In our 24-hour digitised world the customer is king. Online shopping portals such as Amazon and eBay place control firmly with the customer, via direct online purchasing and delivery. Not only that, but online comparison sites such as moneysupermarket and comparethemarket are placing even greater emphasis on the transparency of goods and services.
Why should insurance be any different? Well, it shouldn’t but there is still considerable resistance from the industry to adapt to these new changes. But change they must, or the simple fact is that they will die at the hands of competitors who have embraced new online opportunities.
But within B2B insurance broking, how does the consumer mindset affect today’s buying journey?
Insurance is still a trillion-pound industry but is peppered with complexities, jargon, legalese and massive government legislative conditions. The traditional role of a broker was to understand customers’ insurance requirements, provide guidance and advice on the most appropriate products, to assign the business with an insurer and to oversee that relationship.
The rise of price comparison sites, even within the B2B broking sector, has meant that many brokers now conduct much of their new business through price-driven online channels, without providing any actual advice or value to customers. And don’t forget that millennials have never used brokers or IFAs before and expect to do everything easily and instantaneously on their smartphones, on a platform of their choice and at a time to suit them.
At Vitale, we see this as more of an opportunity than a threat. With the emphasis on greater customer engagement and placing the customer in the centre of all activity, we help our clients transform from the traditional sales funnel to one where digital adds serious value, increases reach and ultimately conversions. In short, adapting to the consumer mindset but in the B2B broking environment.
Digital can support the traditional role of the broker but in a way that provides value to the customer and enables the broker to be more efficient in their processes and with visibility of the digital sales funnel. Human interaction and relationships will always have a place within the B2B sales journey but overlaying new and emerging digital tactics supercharges the results.
In a 2017 report by Accenture they reported that 98% of insurers believe that digital environments are having an impact upon the insurance industry as a whole; and more than 80% believe that they must innovate to retain a competitive edge*.
Here at Vitale, more of our clients within the insurance sector are seeking alternative business development solutions to put the customer at the centre of their activity through online engagement, digital lead generation and disruptive B2B sales strategies to streamline the process of buying insurance in today’s very digital world.
Want to know how? Book a complimentary consultation with a member of the Vitale Team.