The world of finance is in change. It is all about new technologies and new standards. A digital transformation can also be seen in the insurance industry. What are the main requirements for insurances of the future?
Bitkom Survey: Insurances must be simple and digital
- New survey by Bitkom on the future of insurances provides insights into customer wishes
- Digital solutions should be smart and easy to understand
- Young target groups are redefining the world of insurances and finance
The world of finance is in change. It is all about new technologies and new standards. A digital transformation can also be seen in the insurance industry. What are the main requirements for insurances of the future? More than four out of five German citizens (88 percent) want to have products and services which are simple and easy to understand. This aspect is shown by the survey “How crucial are the following aspects of your insurance?” conducted by Bitkom. “Learned from the digital world, consumers are accustomed to high market transparency and a strong emphasis on their needs. They expect quality and convenience in insurance matters, as well. This is because of their experience they have made in the World Wide Web: They get access to millions of music or movie files, just with a simple subscription or they get goods free of charge on the same day after doing online-shopping a few seconds ago”, said Fabian Nadler, expert of Digital Insurance at Bitkom.
The Youth has Influence on the new Insurance Market
We already know that new technologies are disruptive. New businesses, innovations and opportunities change the way which products and services we need and how we want to buy and use them. Besides new technologies, the digitization creates a new group of consumers, too. It is a younger generation, a generation of likes, swipes and they are continuously being online. Two thirds of this generation – the 16 to 29 year-olds – care about digital solutions. For eight out of ten (80 percent) it is important to settle damages quickly and directly online. Two in three (65 percent) expect convenient digital solutions like Apps and just as many (68 percent) consider good reviews from other consumers or friends. For them, the focus is on gaining information on comparative platforms or in social media. “Only those who consistently develop products and services digitally from the customer perspective are those who gain competitive advantage”, said Nadler.
On 22 & 23 May 2019 international experts and decision-makers from the banking & insurance industry, politics and supervisory authorities will gather in Berlin to discuss opportunities and challenges for the future of the European financial market. Join us in discussing the banking and insurance world of tomorrow at the Digital Finance Conference 2019. Tickets for the #digifin19 are available online!