Accenture survey – be digital and re-energise customer relationships
One of the major findings of the Accenture Short-term insurance survey was the identification of five strategic imperatives that will help insurers meet changing customer demands and leverage new opportunities. These will also help create a foundation for participation in a fully digitalised business environment.
The survey found that customers:
|●||Do not find their insurers easy or convenient to deal with|
|●||Are gradually shifting to digital channels|
|●||Do not use social media to interact with insurers|
|The survey results show that customers want to interact with multiple channels, with the human element still playing a big role in the interactions with older and middle-aged customers.|
Trust and transparency are major concerns for insurance customers and should be given strong focus.
|●||Banks and retailers are perceived as more trustworthy than insurers|
|●||Customers need reassurance that their data is secure and protected|
|●||More than half of customers can be incentivised to share personal data|
|The survey showed that customers broadly understand that insurers need more personal data to provide personalised services. 65% of the surveyed customers said that they will share their personal information if they feel that it is secure and they can control what, when and how it is used.|
The survey results indicated that two thirds of customers are satisfied with their insurers. However, the survey found that a high propensity will switch insurers despite high level of satisfaction.
To stay relevant, insurers will have to understand the needs of its customers. The majority of customers surveyed are actively using apps and devices that use location data and online activities to provide them with relevant services.
Although there is high awareness of digital offerings such as telematics, the usage is still very low. Smart solutions can present insurers with significant advantages, but will require building strong partnerships and securing the trust of customers.
Click here to download the Accenture survey results.