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Bots vs Bodies: Insurers in Singapore can do more to provide the “phygital” experience customers really want

As the insurance industry in general pivots towards digitisation in 2021 and beyond, customers have much to gain in terms of the services, cost savings and personalised experience that will come by way of this. Yet, in an industry deeply entrenched in legacy business practices, with it’s heavy reliance on advisors and face to face meetings, it is important to ask questions that relate to where customers want change and where they don’t.

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MoneySmart conducted market research amongst Singaporean policy holders to determine where that middle ground could be.

What’s in this report?

Digital change is upon the insurance industry

The global COVID-19 pandemic greatly accelerated the need for digital adoptions, as face to face meetings became increasingly difficult or prohibited.

How has an industry that used to be heavily reliant on legacy practices of face to face meetings between advisor and clients changed?

Bots are getting “hired”, but are the bodies getting fired?

Research has revealed that across insurance products of varying complexity, the levels of satisfaction with fully digital self-serve options only matched those of an advisor assisted experience, at best.

What does this mean for complex insurance products?

Planning, shopping, buying and claiming insurance as we know it.

Insurance products vary greatly in terms of how difficult they are to understand from a customer’s perspective, as well as what the most suitable policy coverage is.

We’ll dive deeper into these products and how customers desire to have their journeys facilitated by technology versus good old human touch.

Find out more about what customers really want their insurance experience to be in our report.