Domain to take on insurance - but what does it mean for traditional providers?
Fairfax Media’s Domain will soon be offering consumers more than just their daily real estate news or housing options.
Policies will be developed by using Domain data on customers and their properties in order to provide customised insurance quotes to users.
Domain’s expansion into insurance is set to launch later this year, but will go into full effect in early 2018.
According to IT Consultant Capgemini, with the rise of the insuretech industry, traditional insurers are starting to feel the heat and are beginning to rely on digital investments, like advanced analytics and robotics to reach customers.
“Insurance companies now have to provide far better engagement through the life cycle of the insurance policy,” Capgemini’s Head of Financial Services, Mohit Jain told insuranceNEWS.com.au in a recent interview.
Capgemini’s revealed in their annual World Report that about 31.4% of consumers use insurtechs exclusively or in combination with traditional insurers.
“From our perspective… the industry has changed more in the past three years than it has in the past 100 years. It will change even more in the [next few years],” Jain said.
The report also found that 46% of consumers were still unwilling to leave their insurers because of better security and fraud protection.
If you’re one of those Aussies who aren’t ready to walk away from your insurer yet, you’re in luck because we’ve just released our Experts Choice Awards. You can find out the list of winners here or check out our home or car insurance comparison tools for even more options.