The Russian insurance market is quite young and is still in its formative stages. The development of Internet insurance began with the sale of insurance leaving abroad, and the main insurers came in this segment quite recently, not more than five years ago.
Still not debugged the processes of selling insurance online. When buying insurance to the consumer in most cases will have to meet with a representative of the insurance company to have the vehicle inspected. However, insurance services for going abroad today has become more convenient to buy online, gradually changing the situation with respect to other types of insurance.
The volume of Russian market of insurance leaving abroad is 9-10 billion, online sales account for 14%. The market volume of the hull by the end of 2017 — 162,5 billion, of which online sales accounted for 2%. In the market of insurance in the amount of 220 billion online sales account for 10% (we are talking about buying insurance policies online, and not just an electronic insurance policies in the sales offices).
Given the pace of penetration of digital technology, now there are all preconditions to ensure that in five years the sales of online insurances in Russia reached 25%.
The winner takes it all
The most competitive model in the insurance aggregators, acting on the principle of the proposal of insurance options to fit the needs of a particular client with an option to buy online. This is useful because in one the insurance company may act 15 of similar products, but in General on the market — a few hundred. Some aggregators offer comparison of a limited number of products of insurance companies, and to buy refer to the websites of those insurers.
Insurance aggregators are a showcase of the most successful front-end solutions. Suppliers of ideas act as a Russian company e-commerce sector (in the quality and speed of implementation of innovations, the leaders of the foreign insurance market and e-commerce is much inferior, with the exception, perhaps, of the English companies) as well as ordinary consumers.
Aggregators analyze all incoming requests if the question becomes typical, he immediately is placed on the website in the form of additional options. Business efficiency aggregators directly determined by its automation calls in a call center should be as small as possible, and all consumer information is available on the website.
The rate of change and transparency — one of the main distinctive features of modern information platforms. For example, in the summer increases the number of requests for insurance from pregnant women. Find information about the conditions of insurance of this category of consumers on the websites of the insurance companies is practically impossible. And that’s 4% of the total purchases of insurance online.
Aggregators know everything about your customers — where they moved to the site and what their needs are. And it’s not simple curiosity. Consumers do not read the insurance rules, they are written in a language that they understand a layperson is extremely difficult. By purchasing insurance, a few of them can say whether it covers the risks of chronic diseases, what is the limit on insurance emergency dentistry if Allergy risks, how many partners operates an insurance company in the country of visit.
Using large amounts of data, user requests, past purchases, customers, aggregators provide guidance to users in choosing the right product. Such a recommendation is worth a lot — more than a third of shoppers are usually prepared to make a second purchase on the website.
Knowledge about customers is expensive for aggregators, but allow you to sell about 20% more due to the same recommendation system. If the platform knows that the active young people when visiting Thailand takes the bike, it is advised to take appropriate insurance against accident. Not superfluous it will be for fans to visit exotic countries, and elderly people need insurance with a risk of edema exacerbation of chronic diseases.
As soon as the insurance platform to strengthen their position, they will actively seek to develop complementary lines. There are instances when, for example, digital companies have entered into partnerships with traditional car manufacturers and has developed its own Autonomous cars (Google, Apple, Uber). It is a natural way of development for companies who feel your product is literally at your finger tips.