Insurers cannot neglect the mobile distribution channel

24.08.2012
Insurers can no longer choose to neglect the mobile distribution channel as the latest survey by IDC Financial Insights reveals the increasing popularity of the mobile channel.

Sixty percent of insurance customers across Asia/Pacific excluding Japan (APEJ) use more than one interaction point to purchase their insurance policies, and insurers have to recognise the importance of the mobile distribution channel.

Consumers quickly switch insurers if they do not find their preferred channels or are not pleased with the performance of the channels.

Insurers in Asia/Pacific have noted this change in consumer behaviour, and are open to adopt a multi-channel distribution policy so that they can offer several touch points to interact 24x7 with their customers.

"The advent of electronic channels and the emergence of a tech savvy consumer generation are radically changing the distribution strategies of insurers," said Li-May Chew, associate research director at IDC Financial Insights Asia/Pacific. "Alternative distribution models are being utilised to supplement the traditional agency channel and cater to divergent buying preferences of policyholders.