August 5, 2015 by Canadian Underwriter
Nearly half of property & casualty insurance consumers surveyed in 33 countries reported they have purchased a policy online but only 16% of personal lines P&C and life customers were certain they would buy more products from their current insurance providers, consulting and outsourcing firm Accenture plc announced Tuesday.
Accenture released a report, titled Capturing the Insurance Customer of Tomorrow, which is based on its 2014 Global Consumer Pulse Survey. In that survey, more than 23,000 respondents were interviewed, including 6,521 P&C customers and 6,507 life insurance customers. [click image below to enlarge]
Nearly half, or 47% of respondents “said they want more online interactions with their insurers,” Accenture said in a press release. “In the past six months, half (49 percent) of P&C consumers purchased a policy online, with two in five (41 percent) using a mobile phone to make the purchase.”
The survey was conducted over the Internet in 2014.
“As digital technologies continue to evolve, the companies that are most successful at exploiting them are likely to have an advantage,” Accenture stated in the report. “Unfortunately for insurers, it’s those in other industries that have led the way in converting digital innovation into customer insight, mass personalization, hyperscale, interconnectedness, operational efficiency and agility – all the things that define an efficient, customer-centric provider. And a number of these outsiders have already thrown their hat into the insurance ring.”
Dublin-based Accenture’s services include software and services for insurance companies.
Accenture reported Tuesday that 29% of respondents to its Global Consumer Pulse Survey were “satisfied” with their current insurance providers and 16% were “sure to buy more from them.” [click image below to enlarge]
This, Accenture suggested, has created a “switching economy” in which “up to” US$470 billion, in personal lines premiums, in life and P&C, were “at play in 2014.”
Insurance carriers, Accenture suggested, “can broaden their product and service offerings to include adjacent non-insurance products – and tie it all together with digital to create customized offerings and seamless omni-channel marketing, sales and services experiences.”
More than one in five (21%) of respondents “believe most carriers are the same in terms of their products and services,” Accenture stated. “Most carriers know they need to improve their understanding and segmentation of customers, enhance their ability to tailor their propositions and experiences to the various segments, and strengthen their multi-channel capabilities.”
Accenture added many carriers “will have to partner with other companies – probably outside of insurance – to form ecosystems that offer a broad and innovative range of products and services.”