Advisers need to adapt to the rapid pace of change within digital tech and the way their clients interact with this technology.
This is according to Louise Colley, head of retail protection at Zurich Insurance, who was speaking at the Protection Review’s ProtectX5 insurtech special event this morning.
Reflecting on the last 18 months since the start of the pandemic, Colley told delegates that tech had changed the way people interact with their friends, how they shop and deal with insurers, while lockdown had meant those who weren’t engaged with tech had to undertake a digital crash course.
Colley explained a significant number of customers managed their finances online during lockdown and will not return to how they managed their finances pre pandemic.
She revealed Zurich operates a service which allows advisers to send a secure link to their clients during the new business process to obtain their health details.
Due to lockdown, Colley said she expected a lot of advisers would use the service but while use increased, the increase wasn’t enough.
Consequently, Zurich conducted research on consumer preferences and found 65% of consumers surveyed said they wanted a link sent to them so their details could be processed online and also found that the pandemic had little impact on this preference.
The benefits of customers using the link, Colley said, was that it saves the adviser time spent with the client going through medical questions, that they don’t have to ask sensitive questions, that customers can complete the process at their own convenience and that the adviser still has full control of the process and is first to see the underwriting decision which can then be discussed with the customer.
“Due to Covid, consumers are more than ever before happy to use digital services. After all it does make their lives easier and it’s key that we offer the choice to them and not assume which preference prefer,” she said.
“In your business are you ready to manage these increased expectations from digital offerings? Do you offer the full choices to how to interact? email? webchat? virtual services? The list isn’t getting any shorter but paper post-Covid is certainly a no-no.
“Digital as we know is disrupting markets and changing organisations to create value – recognising there are significant barriers still to realising that benefit.
“As additional strategies and developments ramp up with renewed pace, it is important for now that we make sure that the digital services we have available are given to customers to use. This can only support a better customer experience for all.”
For more from Louise Colley, see our recent interview where she expands on overhauling Zurich’s structure, reputation and adviser reach.