to pay for niche products
Ride & home sharing
BELGIAN MARKET PULSE SURVEY 2019 FOR INSURANCE
1. PHYGITAL 2.0: CREATE A SEAMLESS OMNICHANNEL EXPERIENCE
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.
SOURCE: Accenture Market Pulse Survey Belgium 2019 - 1355 Respondents
Customers don't see any difference between their current provider and the one next door.
HOW INSURERS CAN LEVERAGE THE 'COLORS OF (R)EVOLUTION' TO ENGAGE WITH THEIR CUSTOMERS.
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1 out of 3 customers
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.
Using ecosystem services
SUSCEPTIBILITY TO FUTURE DISRUPTION
New types of transportation
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,
...don't know which insurer to choose if they could start again.
Customers are satisfied with their insurer...
We see an untapped market for niche products.
In a market where disruption has arrived, insurers have the opportunity to shine in 2 ways:
Disruption is not to be feared and insurers need to grab the opportunity to shine.
INSURANCE CUSTOMERS ARE COLOR BLIND
Insurance companies should invest in a seamless phygital experience and open beyond insurance products and services to stay relevant in today's market.
INSURANCE COMPANIES CAN WIN THE HEARTS OF THEIR CUSTOMERS BY LEVERAGING THE 'COLORS OF (R)EVOLUTION'.
2. CHANGE COURSE TO GO BEYOND INSURANCE
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...but at the same time they remain indifferent towards their insurance provider:
Digital includes self-service websites, self-service applications, social media and chat.
Unstructured includes paper mail, fax and phone calls.
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.
CURRENT LEVEL OF DISRUPTION
Interest in ecosystem services
The results of our 2019 Disruptability Index reveal how insurance as we know it today is being disrupted by both incumbents and new players.
Loss of digital docs not covered by policy
...is unable to name a second insurer when asked.
of customers are 'very satisfied' or 'completely satisfied' with their insurer.
DISRUPTION BRINGS NEW COLORS TO THE INDUSTRY
A GREY AREA WITH
52% of insurance customers are willing to pay for new types of coverage.
NEW INSURANCE PRODUCTS
A limited number of insurance companies are top-of-mind for Belgian customers.
© 2019 Accenture. All rights reserved. Source: Accenture Market Pulse Survey 2019.
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.
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