Insurance industry businesses underwrite insurance policies relating to property, casualty, liability and other general risks. In the UK alone there are over 500 individual companies covering the full spectrum of insurances from legal to personal property. In recent years, the whole industry is in steady growth, with a prediction of annual climb at a compound rate of 3.2% in years 2016-2021.
The UK insurance industry is worth around 55bn pounds in revenues and 4.2bn in profit annually. Yet in its report, the UK Department for International Trade doesn’t foresee any substantial growth in employment throughout the industry.
Companies have to compete relying on lower costs. Such situation puts some strain on current employers and forces companies itself to search for new trade channels to acquire new and maintain current clients. As the internet in developed countries is ubiquitous insurers are induced towards on-line expansion. But this is always expensive, especially if it comes to direct contact with advisors and something more, besides plain old chat on the company webpage.
It is worth noting that in UK 31.3% of the market is divided between 4 big players and the remaining 68.7% occupied by almost 500 other small firms. For them building custom online systems is not viable from economical and practical perspective.
There is where On.Live can provide a robust solution with tools to create direct sales and advisory channels. Ability to directly contact insurance clerks through live video feed simplifies the purchase and greatly shortens the whole process. All procedures proceed as in stationary office but with the comfort of its own home for the client and greatly reduced costs for the insurer.
Insurance agents are also able to reach potential policyholders and inform them of their options and advertising solutions for a fee, creating an additional revenue stream for their companies. There is also a benefit of instant customer feedback, allowing to underwrite innovative insurance policies that will solve challenges always present on the market. From the technical standpoint On.Live offers a complete solution with all tools for A to Z customer service for insurance business.
The team said:
“Sophistication and security of On.Live provides reliable operations of sales and advisory channels for an insurance company of any size. If you are in any industry which may benefit from a live online presence, please consider familiarizing yourself with the platform. We want you and your business to grow On.Live.”