DURBAN – The buying preferences of consumers are radically changing and traditional life insurance providers are battling to keep up with the pace of change in consumer behaviour.
Lee Bromfield, Chief Executive of FNB Life said that approximately 44 perfect of life insurance quotes generated on their digital channels in January this year were processed after hours when traditional customer service channels were closed.
In January 2019, FNB Life generated more than 20 000 quotes worth over R35 billion of life insurance cover on FNB’s digital channels.
"It’s vital that life insurance providers take full advantage of technological advances to effectively distribute life insurance products to consumers. Consumers have the upper-hand to force providers to accelerate the pace of change and we are already seeing this through the consistent growth in our digital interactions on life insurance products," said Bromfield.
He identifies consumer-driven trends that are forcing traditional life insurance providers to embrace digital disruption: