Technology to drive insurance distribution

In the past half a decade or so, powered by the increasing penetration of internet and smartphones, technology companies are dramatically disrupting industry after industry. Customers have started expecting the same quality and speed from all service providers, including insurance. Advent of on-demand marketplaces: On-demand technology platforms are vigorously building service infrastructure, optimizing operations, logistics and technology; and customers want similar levels of technology-led service experience from other services as well. Rise of the millennials: Internet being a given to the millennials, research studies have proven that these high-income individuals strongly prefer platforms that allow them to interact at their own pace. But digital platforms of most insurers today are designed to cater to conventional consumers, and are still reliant on toll-free call centres to provide sales and customer service.