The Insurance sector is no exception: like many industries and professions, insurance companies are compelled to adapt to the emergence of new technologies and digital transformation.
What does this upheaval consist of?
Here’s an overview of the Moroccan market explaining why and how insurance companies must accompany digital transformation.
INSURERS’ DELAY
It’s a fact. The insurance sector is significantly behind in digital channels.
Long favored as communication channels, television, advertising, and direct sales now pale in comparison. Moroccans consume less through traditional channels, a trend particularly marked among those under 30 years old (in other words, the new generation of clients).
First, let’s look at the numbers. Numbers don’t lie and depict a reality that must now be considered in establishing a commercial strategy.
Google search queries related to the insurance sector in Morocco are sharply rising. 78% of Moroccan internet users (17.8 million) find insufficient useful content on Moroccan sites and prefer to browse foreign sites. More than 6 million individuals spend between 1 and 4 hours per day connected to the internet. The Moroccan market has 14.7 million smartphones in circulation, approximately 1.08 smartphones per person equipped. 59% of smartphone owners have internet connectivity, nearly 8 million individuals aged 12 to 65 are connected at all times and everywhere…
EVOLUTION IS NECESSARY
Not all stakeholders have yet embraced digital transformation: most insurance decision-makers feel their companies are not mature enough for digital. Others simply aren’t convinced of the profitability and importance of this channel.
Change management has always been a thorny issue in the corporate world, especially in “heavy” industries like insurance. Nevertheless, the Moroccan market is evolving, citizens are becoming more educated, and consumption patterns are changing… Companies, particularly those providing popular services like insurance, are compelled to adapt. This notion of “compulsion” may be displeasing. However, it doesn’t always imply constraints and disadvantages. On the contrary, digital transformation can be ben…
Like any industry-wide transition, it’s a matter of adapt or perish. Understanding the absolute necessity of modifying commercial approaches to remain consistent with new consumer approaches is crucial. Every upheaval creates opportunities and divides. It’s up to savvy decision-makers not to be caught off guard, lest they face serious consequences in the medium and long term.
How to Adapt?
Long resistant, the insurance sector in Morocco is now attempting to catch up with digital, a critical channel for customer retention, capturing growth, and understanding an increasingly connected clientele. What concrete means are available to insurers to accompany market evolution?
Digitalizing services no longer means merely displaying products and services on the internet. Now, the first step is developing a digital strategy.
Like any strategy, it will involve defining objectives and the means used to achieve them. These can be numerous and varied: sectoral and competitive monitoring, profiling prospects, targeting, customer acquisition or retention, and establishing the most relevant Key Performance Indicators (KPIs)…
As for the means employed, these are essentially tools rather than ends: the website, mobile app, or Facebook page must serve the objectives established beforehand.
Many elements are thus to be studied, and will be the subject of the second article in this “special insurance” dossier.
► Click here to access the second article of this Special Insurance & Digital Dossier
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