Is going digital always good for business? According to the 11th Global Consumer Pulse Survey from Accenture, apparently not.
From smartphones to smart fridges, digital technology has connected people in ways that were never thought feasible, or even possible. Almost four in five of us have a smartphone in our pockets, according to Deloitte, while social media and digital entertainment continues to sweep the globe as one of the primary means of passing the time.
However, it isn't just entertainment and communication that have been through the wringer of digital disruption: It's business too. Websites and blogs have grown from something that was merely nice-to-have to an integral part of doing business in the modern age. If you don't have an online presence, then you are missing out on a wide customer base.
The Midas touch
"If they are just processing transactions on the computer, the actual value of broking will disappear."
But it appears that in between the apps and the websites, many insurers have forgotten about the power of the human touch. Accenture's most recent global survey on the matter discovered that more than 80% of Australians preferred to deal with human beings rather than digital channels when seeking advice. It's an understandable sentiment, particularly when it comes to insurance. People want to feel reassured that their business insurance cover is sufficient to protect them – something that might be difficult to experience when staring at a chat box on a computer screen.
This human touch is the power of broking, according to NIBA CO Dallas Booth.
"If they are just processing transactions on the computer, the actual value of broking will disappear and the cheapest possible form of automated processing will take over," he said in a 31 August Insurance and Risk article.
"Then the potential role of a broker will diminish if not disappear."
Providing true value
Insurers should clearly not underestimate the power of real, human customer service – in fact, Accenture found that more than half of all consumers have switched providers because their service expectations were not met.
However, it takes more than just a smile and a "How can I help you?" to provide true customer service to your clients. You have to have the right products as well. By offering premium funding solutions you can make sure that they have the option of splitting up their payments over a longer period of time, rather than a single lump sum.
Human interaction is an important factor, but it is just the start of providing the right level of service. For more information on insurance premium funding, get in touch with Attvest Finance today.
