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Digital distribution and the rise of the 'nomad'

Digital distribution and the rise of the ‘nomad’

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Accenture has highlighted the rise of a distinct group of insurance customers whose focus is resolutely digital and mobile.

In a report released last month titled The Voice of the Customer: Identifying Disruptive Opportunities in Insurance Distribution, the consultancy firm identify a growing number of people – particularly so-called millennials – who want to purchase insurance in the same way they buy consumer products.

Accenture surveyed more than 30,000 people and divided them into groups according to digital experiences and preferences. The term ‘nomad’ was used for the most digitally active group, who wanted speedy access to insurance through smartphones and other mobile technology.

Nomads are drawn to pay-per-use insurance, especially for cars, and want the convenience and immediacy of buying online. As Accenture points out, the future of distribution will increasingly be shaped by this group. The report states: “To remain relevant and become an everyday insurer, carriers need to change their business model from one that is product- and process-driven to one in which the customer is central, data and analytics drive most decisions and experiences, and the key enablers are advanced technologies”.

RDT builds the technologies that are redefining user experience and giving providers greater focus and accuracy. We’ve done it with our insurer hosted rating system, Equator. With centralised rates and enriched data it enables an immediate and accurate insurance quote that directly addresses the needs of nomads.