Insurers must engage customers in new channels including social media

Insurers must keep an open mind on how distribution channels will change in the future and look to engage with customers in the channels they already use rather than where a company wants them to be.

That was one of the key findings of a panel discussion called the Insurance Distribution Landscape at the Intelligent InsurTECH Europe conference, which took place in London today (November 16, 2016), under Chatham House rules.

The panel of experts, chaired by Karen Vlugt, vice president, sales and marketing, at IBA-Insurance Business Applications, which included a panel of senior executives from AmTrust Europe, Bought by Many and Digital Partners (part of Munich Re), looked at how distribution trends are changing and social media is becoming increasingly important.

One panellist said that the way consumers are making purchasing decisions is changing fast and social media is playing an increasingly important role in this trend – especially in relation to the generation of millennials.

They said that while it is impossible to predict what will happen in five or ten years’ time, dramatic change is inevitable and it will be a question of winners and losers in that game.

They also discussed the changing nature of customer interaction on social media and stressed that even negative feedback from customers can be very valuable as it offers an insight to any problems with a product or offering and also yields valuable data.