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RAPPORT

The future of insurance distribution

New models for a digital customer

Digital disruption is transforming established models of insurance distribution.

Today’s customers, keen to receive the same levels of choice, convenience, and transparency that they enjoy across other industries, want to choose how, where and with what frequency they manage risk. What’s more, agile new digital entrants are lining up to serve them—not only challenging the orthodoxies of traditional distribution channels, but also leveraging digital distribution capabilities to enhance components of the customer value proposition, such as personalization. A sign of the times: some two-thirds of all venture capital funding in insurance is going into distribution start-ups.

This dramatic shift in customer expectations could put as much as 25 percent of incumbents’ economic profit at risk, unless they too invest in new, digitized distribution models that drive customer engagement and value. Such models are still emerging and no single model offers a panacea. Indeed, leading players will mix and match digital and traditional models to advance their learning and experience in new digital enablement, while also investing in core business improvement.

For incumbents who invest effectively in such a strategy, new, digitized distribution models promise significant new growth opportunities in a market poised for material disruption.

 

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