Interconnectivity in today’s world is a very integral part. A world where technology is dominating, everything is connected because of the internet, people don’t really know how deeply embedded they are into the digital world. The digital world has changed many trends, eliminated the traditional trends and proposed new, more modern ones.
Insurance is also affected by technology, especially how we have devices that connect to each other. Smart insurers are now focusing on connectivity, digitalization, and an understanding of technology and millennials.
First, there were mobile devices, now health, cars and even homes are connected. Electric cars and smart homes make life easier but the people who use them tend to rely on the internet completely. Health, car or home insurances are now being monitored by the customers. Almost 39 percent of the insurance customers at least one connected device and 72 percent intend to use a device in the foreseeable future.
Digitizing is a great opportunity for insurers because there is a high chance of customer loyalty. Insurance companies are more or less based off on loyalty and with digitizing, this is possible. For this reason, we have attached an infographic below, take a look.
Infographic by: bain