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The Insurance Industry
The injection of e-commerce into the insurance industry has had a profound effect on the $1.2 trillion industry. While initially slow on the uptake, many insurance providers now exist solely online, and the industry has fully embraced e-commerce as an active sales channel. Typically you can purchase any type of insurance online including motor, travel, home, like, and even specialized e-commerce insurance – suitable for online retails. The biggest insurance company in the U.S. is MetLife who rank among the world’s largest companies and boasts around 90 million customers worldwide.
Unlike traditional insurance brokers, shopping online for insurance removes the middle-man which has provided the consumer with many advantages. Buying insurance online means that you can use comparison sites to get the best prices and compare the services of each policy, which are often underpinned by thousands of customer reviews. Technology has also enabled providers to build highly customer-focused platforms that make policy recommendations for you, allow you to renew or change a policy, and provide 24/7 customer support via live chats. Thankfully, gone are the days of having to rush down to the insurer’s office every time you need to update or buy a policy, it is now more convenient than ever and can be done at any time.
The future of e-commerce in this category is an exciting prospect. The global focus on Big Data is making it easier for insurers to win customer loyalty by giving them the capability to provide clients with the perfect insurance plan. Importantly, companies can be alerted if clients have any gaps in their insurance plans that need to be covered. In 2018 alone, the insurance industry invested more than $2.4 billion in Big Data technologies, meaning the customer experience will likely continue to improve.