Millennial and Digital Strategy
The Millennial Generation is the connected generation, demanding a user experience defined by speed, simplicity, and convenience of location, time, and device. Preceding generations are increasingly becoming digital natives in this time of growth and proliferation of connected devices and the accelerated pace of social, mobile, cloud, data, and location technologies. Insurers are grappling with the disruption to distribution channels, creating an engaging consumer experience, and transforming traditional workforce environments. VirtusaPolaris is helping our insurance clients understand the changes and realize the opportunities that are possible through digital strategies:
- Distribution is moving direct. Increasingly, consumers rely on their social networks to base their buying decisions
- Desire to buy anytime, anywhere with any device. Insurers need to handle the interaction across different channels with seamless integration and enhanced customer experience
- Predictive models for decision making have proliferated across all functional areas from sales to operations
- New products tailored for each consumer’s needs are evolving rapidly within the industry. The traditional consumer auto insurance market, based on segment evaluation, is moving towards a “Pay As You Drive (PAYD)” and “Pay How You Drive (PHYD)” model.
- Machine to machine communication, social networks and advances in storage and computing have made large amounts of data available – both structured and unstructured. Predictive analytics is moving towards a big data approach where insights that were not heard of in the past are now not only feasible but have become a mandatory need for being in the business.