How insurers can become closer to their customers for the future that lies ahead...
RECHARGING
AFFINITY
LIFT-OFF TOGETHER OR RISK BEING LEFT BEHIND
In search of better offerings, customers are willing to leave their insurance providers. If given a fresh start...
would not know which insurer to choose.
1 out of 4
would not choose their current insurer again.
6 out of 10
?
Although clients prefer physical contact, the market remains conservative and the viable digital channels are poorly perceived...
...with insurers having difficulties in communicating across both physical and digital channels. Therefore, clear, concise and convenient communication is vital for the longevity of a customer relationship.
37%
Telephone
33%
Face-to-face
22%
Email
8%
Other Digital
Channels
7 out of 10
are dissatisfied with their client onboarding experience
4 out of 10
are dissatisfied with
self-service channels
If the relationship is running on empty, insurers may lose customers to fully charged competitors. Why?
1. Indifferent Customers
Customers remain with their providers out of habit and leave based on intangibles like reputation and word of mouth.
Customers do not consider price a key determinant for either leaving or staying with their insurer.
Price
Out of habit
2. High expectations
Customers have high expectations for all insurers. If these are not met, customers may leave.
Quality
Personal advisor
Targeted product bundle
8.7/10
3. Customer Interaction Touchpoints
Customers have infrequent interactions with insurers and consequently this makes every meeting a “moment of truth” that can either go positively or negatively.
contact their insurer infrequently
92%
insurers have all the right energy sources in place to POWER up their services and propel themselves into the new:
By blending their strengths with customer demand, insurers can arrive at a prosperous, people-centric approach.
1. High-quality services
85%
UP TO
are very satisfied with the quality of customer service.
2. Strong reputation
are very satisfied with the reputations of their providers.
UP TO
84%
3. Customer-oriented (perceived) ethos
are very satisfied with the personalized advice.
UP TO
76%
For future success, insurance’s renewed energy levels need to power 2 services:
Phygital in the New – by HUMANIZING technology,
on-demand services are personal & efficient.
Explore the space beyond insurance: like any relationship, insurers must GO BEYOND and offer more than what is expected.
While customers are resistant to communicating with the insurer on premises (3.4/5 preference), insurers must nonetheless enhance digital channels because:
Ease and convenience are paramount for key demographic groups (i.e. self-service).
Streamlined and clear communication may improve the ‘ease of onboarding’ metrics).
Ease and convenience are paramount for key demographic groups (i.e. self-service).
Smartphone app
Insurance website
PREFERRED CHANNELS
Poor
Satisfaction at present
Average to Poor
Ability to access services via self-service channels
Personalized and specific advice offered
Clarity and accessibility of information
Website content, layout and services
3.4
/5
3.9
/5
3.8
/5
3.5
/5
2.3
/5
2.7
/5
48%
66%
are willing to receive computer-generated advice for certain insurance services.
are willing to deploy smart home IoT solutions.
We see an untapped market for niche products combined with an overall willingness to pay for such products:
are willing to pay for innovative niche products
70%
54%
22%
20%
7%
Housing Services
Pet Coverage
Cyber-security
E-transportation Coverage
By capitalizing on their strengths and by treating these as a launchpad to success, insurers can lift-off into the ‘new’.
by innovating through phygital mediums whilst landing on a range of offerings that go beyond that is expected.
To fuel their journeys, insurers must humanize technology
WHAT's NEXT?
For deeper insights based on our survey or if you are interested in comparing your insurer’s situation with anonymized competitors via concrete cases and benchmarks,
feel free to contact one of our experts!
EMILIANO LUZZI
e.luzzi@
accenture.com
ROHAN AGARWAL
rohan.a.agarwal@
accenture.com
SOPHIE KIRCHHEINER
SOPHIE.KIRCHHEINER@
accenture.com
XAVIER ROBLIN
XAVIER.ROBLIN@
BALOISE.LU
© 2019 Accenture. All rights reserved. Source: Accenture Market Pulse Survey 2019.
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8.6/10
8.2/10
1.
2.