Clients benefit when the insurance industry goes digital

TODAY'S technological landscape means that insurers can and should equip customers with the tools they need to more simply and easily manage their own insurance needs. Customers should not be sold products by 'middlemen' who stand to gain handsomely through sales commissions, but rather be able to buy the insurance cover that is right for them.

Think back to when you planned your last holiday. How did you do it? Did you walk into a travel agency and speak with a salesperson, or did you conduct your own research and make your purchase online? How about the last time you managed your banking or bought white goods/furniture?

As recently as 10 years ago, many people still walked into a home-goods megastore, with little or no preference as to the specific item or even brand that they wanted, until a salesperson influenced them into making a purchase. Today, the role of these salespeople has been significantly reduced, at a time when 83 per cent of consumers in Singapore whip out their smartphone to conduct product research while in a physical shop, according to research by KPMG.