BELGIAN MARKET PULSE SURVEY 2019 FOR INSURANCE
COLORFUL
(R)EVOLUTION
HOW INSURERS CAN LEVERAGE THE 'COLORS OF (R)EVOLUTION' TO ENGAGE WITH THEIR CUSTOMERS.
INSURANCE COMPANIES CAN WIN THE HEARTS OF THEIR CUSTOMERS BY LEVERAGING THE 'COLORS OF (R)EVOLUTION'.
WHAT'S NEXT?
nicolas.pireaux@
accenture.com
NICOLAS PIREAUX
LAURENCE STALLAERT
laurence.stallaert@
accenture.com
CÉLINE CHESTERMAN
celine.chesterman@
accenture.com
© 2019 Accenture. All rights reserved. Source: Accenture Market Pulse Survey 2019.
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Insurance companies should invest in a seamless phygital experience and open beyond insurance products and services to stay relevant in today's market.
INSURANCE CUSTOMERS ARE COLOR BLIND
Customers are satisfied with their insurer...
not satisfied
moderately satisfied
very satisfied
completely satisfied
of customers are 'very satisfied' or 'completely satisfied' with their insurer.
78%
...but at the same time they remain indifferent towards their insurance provider:
1 out of 3 customers
...is unable to name a second insurer when asked.
...don't know which insurer to choose if they could start again.
A limited number of insurance companies are top-of-mind for Belgian customers.
Customers don't see any difference between their current provider and the one next door.
(R)EVOLUTION:
FROM VULNERABILITY
TO VOLATILITY
The results of our 2019 Disruptability Index reveal how insurance as we know it today is being disrupted by both incumbents and new players.
Disruption is not to be feared and insurers need to grab the opportunity to shine.
DISRUPTION BRINGS NEW COLORS TO THE INDUSTRY
Customers will become less and less color blind and will start looking elsewhere. They will be attracted to the insurer offering the best experiences on the market.
CURRENT LEVEL OF DISRUPTION
SUSCEPTIBILITY TO FUTURE DISRUPTION
VIABILITY
VOLATILITY
VULNERABILITY
'18
'13
In a market where disruption has arrived, insurers have the opportunity to shine in 2 ways:
A GREY AREA WITH
COLORFUL OPPORTUNITIES
1. PHYGITAL 2.0: CREATE A SEAMLESS OMNICHANNEL EXPERIENCE
Although investing in digital and seamless integration is key, it is crucial to understand your customer's needs.
When it comes to unstructured and email interactions, we see an opportunity for insurers to leverage new technologies that enable efficient, yet highly tailored conversations.
of customers indicate a preference for unstructured or email communication, highlighting a clear opportunity for insurers to further optimize their digital channels and improve efficiency.
43%
Physical
Digital
Email
Unstructured
45%
25%
12%
2016
40%
24%
15%
2017
21%
18%
41%
24%
16%
19%
2018
39%
18%
25%
18%
2019
NOTES
Digital includes self-service websites, self-service applications, social media and chat.
Unstructured includes paper mail, fax and phone calls.
SOURCE: Accenture Market Pulse Survey Belgium 2019 - 1355 Respondents
2. CHANGE COURSE TO GO BEYOND INSURANCE
ECOSYSTEM SERVICES
On top of having 7 customers out of 10 (72%) interested in new type of ecosystem services, almost 4 out of 10 customers (37%) are willing to pay for it. There is an untapped market, especially in Motor where 1 out of 5 customers would switch services.
Interest in ecosystem services
Willingness
to pay
Willingness
to switch
Using ecosystem services
AVERAGE
MOTOR
HEALTH
HOME
72%
37%
13%
10%
76%
44%
18%
16%
68%
36%
11%
9%
72%
32%
10%
5%
NEW INSURANCE PRODUCTS
We see an untapped market for niche products.
52% of insurance customers are willing to pay for new types of coverage.
Willingness
to pay for niche products
52%
24%
23%
14%
13%
7%
5%
Pet coverage
Cybersecurity
Ride & home sharing
Loss of digital docs not covered by policy
New types of transportation
Insurance tailored to independent workers
For deeper insights based on our survey or if you are interested in comparing your company's situation with anonymized competitors via concrete cases and benchmarks,
feel free to contact one of our experts!
DURABILITY