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