The Rapidly Changing Face of Selling On-Line
UK on-line retail sales are set to hit £52.5bn in 2015 and for the first time ever the IMRG Capgemini Quarterly Benchmarking Report has revealed that visits to on-line shopping sites on mobiles has overtaken desktop.
This means it is now more important than ever for brokers to have a clear digital strategy if they want to remain relevant in today's increasingly competitive marketplace.
25-34 year olds are leading the way in this mobile usage and although the majority may not yet own homes or businesses and may be driving their parent's car, they have a completely different approach to purchasing that needs to be catered for effectively. If you can’t service this demographic through a mobile device then you are going to be invisible to a growing and lucrative sector of the market.
Given the fact that servicing a customer on-line is generally far more efficient and cost effective than face to face (or phone to phone), then capturing a share of this market is essential.
Historically, the Insurance industry has been slow to react to technical advances and most companies have survived to tell the tale. However, there are a lot of tech savvy organisations eyeing up this fertile market and licking their lips. If Amazon, Google or Facebook were serious about getting into the insurance game, there would potentially be a lot of casualties. Add to that the increasing number of tech focussed insurance start-ups popping up and the message is clear. Brokers and Insurers who are not effectively competing in the digital market place are going to be in trouble and if they don’t change quickly, then it’s going to be too late.
In the past trading on-line has been costly, with plenty of examples of poor quality software being implemented badly that have left brokers out of pocket. These systems are often desktop focussed with additional costs being incurred for developing mobile and tablet specific versions. Naturally this has led to people being cautious of making any major investment. There have also been concerns about the flexibility to be able to change their on-line offering quickly and cheaply, allowing them to keep up with consumer demands and the dynamically changing technical landscape.
So brokers usually had a difficult decision. Spend lots of money on an on-line solution that may or may not pay dividends or sit back and watch more agile competitors take away market share.
OpenUnderwriter now offers brokers a new option. Robust, modern, quote and buy software that can be implemented in a straight forward manner and allows you to trade on-line quickly and easily. With no long term contracts and the ability to train your staff to make changes to products and rates whenever you want, trading on-line is now an easy business case to make even for niche products. OpenUnderwriter can be easily integrated into your existing website and you have the ability to exchange data with your existing policy management system. You will have one version of software that is compatible with the majority of mobile and tablet devices without any additional cost which makes it low risk and cheaper than you think.
About the Author
David joined the OpenUnderwriter team in March 2014 and has 25 years’ experience delivering complex technology solutions to a range of organisations in both the financial services and retail sectors. He was previously the CEO of Insurecom and led the successful acquisition by Applied Systems Inc. He has also previously held senior positions at BT and Sainsbury’s. David is responsible for the overall business strategy of OpenUnderwriter. David sits as a non-executive director for other innovative, fast growth technology firms.