FE: How has customer behavior evolved since you started to work in the industry?
The traditional purchase funnel where providers were in control is dead. The forces at work have changed dramatically. Consumers are behind the wheel, as the touching points, availability of information and financial literacy have increased substantially. The purchasing path has become anything but linear. Traditional marketing & sales concepts had to be reviewed: from a segmented channel approach to multi-channel, then to omni-channel and now to opti-channel.
FE: What could multichannel distribution adopt from cross-channel distribution and vice versa?
The market is in the middle of a quick change of paradigm: social & mobile are the future. But we live in the present. And in the present, before digital natives take over, transitional customers (those who ROPO – Research Online, Purchase Offline) still hold the acquisition power. Online & offline channels must provide a complimentary approach, allowing for a cross-channel journey.
FE: What is your personal experience with purchasing insurance online? Have you ever actually placed an order yourself? Is there any kind of website that would catch your attention in particular for any reason?
Working for an insurance company, I understandably have little experience with actually purchasing insurance online. My current favorites are Oscar, Kroodle & Tokio Marine. I would recommend taking a look at InShared & Médis for direct distribution and Commonwealth Bank of Australia & Millennium bcp for bancassurance. For something different, see boughtbymany & inspeer.
FE: What kind of an experience do clients expect when browsing for insurance online?
Products available online are bought, while in offline channels they are sold, as the sales process requires a human interface. Customers expect aseamless experience: relevance, transparency & permanent availability (anytime, anywhere & on any device).
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