By Christian Bellmann, Munich.
Amazon and Booking.com set the standard. Consumers want simple and convenient digital services, the greatest possible transparency and quick responses to their concerns. The reality in the insurance industry is completely different. Customers often have to wait several days for a response even though they only have a query or a simple concern. The settlement of vehicle or building damage takes weeks and months. At the same time, insurers’ expense ratios remain high and customers are footing the bill.