Asia Insurance Review 8th March 2011 reported
"Advances in mobile devices and online social networks, and their accompanying changes to consumer behaviour, are the top two factors driving investment priorities for insurers in mature Asia Pacific (Apac) economies, says the international consulting firm, Accenture, in a report titled "Distribution in the palm of your hand - The race to mobile distribution".
As a matter of fact, purchasing a product on line is now a norm in the buiness world, what with the modern and advanced technologies in place. For the younger generation of purchasers they have no qualms about making a purchase citing convenience and the many options (like credit card , interest free installment, minimum payment etc) which are available to them. Majority of these people are IT savvy and they can follow the purchase and payment transactions like a duck in the water.
In the insurance sector, however, except for the minority, most are still sceptical about purchasing insurance on line as it would mean exposing their personal details, credit card number,bank account number etc. I, for one, subscribed to this belief. For the older generation of purchasers, they would still prefer the traditional way of purchasing insurance through their trusted agent where personal service or personal touch is assured. Not only that, premium can be owed to agents who may be kind enough to pay the premium in advance free of interest on behalf of the customer.
The old generation of thoughts had to be phased out.eventually. With the advanced technology in mobile phones, the fast growing social network sites and change in consumer behavior, purchasing insurance online will be the order of the day.
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