Insurance 2020: Forcing the pace - the fast way to becoming a digital front-runner

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Insurance 2020 - forcing the pace

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Revitalising the life insurance sector starts with creating new opportunities with underserved markets, particularly young people and lower income consumers, according to PwC’s latest insurance report – Forcing the pace: The fast way to becoming a digital front-runner.

The report highlights low- income policyholders, tech-savvy millennials and Generation X-ers increasingly using the internet and social media to compare and buy products, with direct-to-consumer life policies expected to be a key growth area.

While currently only 11% of customers in the survey have made the move to purchasing life insurance online using a PC, laptop, smartphone or tablet, PwC’s report reveals that in the United States alone, more than 60% of consumers aged 18-54 would find this attractive.

According to a consumer poll survey conducted in combination with the life insurance report, consumers highlighted ease of access (63%), 24/7 availability (60%) and cost effectiveness (53%) as the top three reasons that would influence their decision to purchase life insurance online.