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People familiar with technology who use it regularly in their daily lives — the so-called digital natives — will likely accelerate the takeup of technology as they continue to enter the workforce, according to industry sources.
“There are digital native customers, and there are digital native risks, and there are digital-ready products,” said Sastry Durvasula, chief digital officer and chief data and analytics officer for Marsh LLC in Phoenix. “So, bringing digital-ready products that address digital native risk to the digital native customer is the most conducive traffic we can accelerate through these new digital platforms. The sharing/gig economy, cyber, mobility and crypto are good examples of that.”
Such digitally savvy people are likely to be comfortable with online purchases, according to John Coletti, chief underwriting officer for cyber and technology in New York with Axa XL, a division of Axa SA.
“We definitely went with the theory that businesses would be comfortable purchasing their cyber insurance online, not unlike how they purchase a lot of their other technology online, such as software suites and storage backup,” Mr. Coletti said.
There could even be chances for cross-learning.
“Having the more digitally fluent professionals coming into the workplace gives a brilliant opportunity for organizations” to increase their knowledge throughout the workforce, said Audrey Rampinelli, who most recently served as a vice president of risk management for Loews Corp.
Most online digital channels for commercial insurance are aimed at smaller businesses, mainly those with annual revenue of $5 million or less, and some insurers and brokers say they have no plans to scale much past that level, if at all.