Key Market Trends
When it comes to distribution of General Insurance products, the Internet is rapidly changing consumer behaviour; consumers are moving more and more towards a “do it yourself” approach. At the same time the work practices of traditional insurance brokers and advisors are changing. Key trends which influence this paradigm shift:
• The Internet is now the main source of information for consumers when choosing to buy general insurance products, in particular motor and home insurance
• Online peer-to-peer advice and opinions shared through social media websites are services becoming increasingly important as the determining factor for purchasing decisions
• New insurance laws have been introduced aimed at protecting the consumer
• Increasing transparency of the insurance sector is leading to a greater insight into costs for the consumer.
• Trade organizations and government agencies are tightening up the supervision of insurance industry
• EU legislation is becoming more and more important
• Insurance intermediaries still spend more than 60% of their time on administration, leading to high costs. (research Avéro Achmea)
• Fast-paced technological developments in the area of mobile internet solutions