Zurich has urged the protection industry to embrace digitalisation to meet growing customer demand.
The insurer said nearly two thirds of customers (65%) prefer to self-submit medical information online and in their own time, compared to 17% who would choose to do so face-to-face and 11% who would opt for virtually via their adviser.
Convenience was found to be the biggest driver behind digital demand, with 72% of respondents citing this as their leading reason, while nearly two thirds (64%) said digital tools provided them with greater flexibility.
Privacy was also found to be an issue, with 43% of customers admitting they may not feel comfortable discussing certain health and lifestyle matters with their advisers. Similarly, over a third (36%) said they would be more likely to be honest in an online questionnaire that goes directly to their insurer.
Louise Colley, UK Director of Retail Protection at Zurich, said: “While customers and business’ use of technology has grown exponentially as a result of the pandemic, it’s clear that demand for convenience is here to stay.
“Technology has had a profound impact on our lives over the past 18 months and as a result, the service expectation bar has been set high. We now need to capitalise on this and ensure we’re doing everything we can to make the lives of our customers easier. Whether that’s through continued use of virtual meetings, email, web chat and virtual services.
“As an industry, we need to act so that we are able to better service customers in ways that they prefer, with options like delegated underwriting a standard part of the application process.”
Donna Ambler of Create Finance, commented: “Anything that puts the onus on the customer to complete their health information is advantageous, especially when they are on board with the process.
“Zurich’s delegated underwriting functionality is user friendly for me and my clients – they value its ease and feel more in control of their personal information.”
