Executive Synopsis Society is changing rapidly, with people having to adopt new patterns of behaviours. Whilst technology is an agent of change, it also provides enabling solutions, and there are business opportunities in helping customers. Customer's use of the new mediums is increasing their expectations from businesses. For insurers, the current battle ground is direct sales, especially telesales. Consumer confidence in these direct mediums will see them go on to embrace home shopping and entertainment on-demand, and then home banking and other financial services.
Relationship Marketing is still an objective but one that is getting more difficult to achieve.
They appear to be locked into the mass market paradigm. Insurers feel it will become more relevant as customers focus on added value. Despite concerns about embracing the new delivery mediums too quickly, larger companies are making substantial investments in pilots. Smaller companies are more cautious, believing they can catch-up should consumers enthusiastically accept the new mediums. One concern of interviewees is their customers' financial skills and knowledge.