Consumers Across The Globe Highlight Opportunities For A Better Insurance Purchasing Experience
Strong interest in innovative new insurance solutions from consumers is overshadowed by poor communication and engagement from carriers, according to key benchmark survey of 2,000 global consumers
There is strong demand from global consumers for more proactive, personalized engagement from carriers, brokers and insurance agents, particularly when claims have occurred, according to insights from new research delivered to the market by Duck Creek Technologies.
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The Global Consumer Insurance Insights Survey – which was conducted independently by Research in Finance and includes feedback from 2,000 consumers from around the world – will be released during the Duck Creek Technologies Formation ‘22 event for customers and partners.
The results of the survey reveal a number of key themes, including:
- While carriers are doing many things well (more than a third of global consumers rate the insurance buying experience as very good, US consumers are most pleased with 45% rating it as very good), consumers highlighted clear communications gaps, strong interest in more engaging digital channels, and more frequent and relevant communication – particularly around claims.
- In fact, 14% of consumers had not received a renewal reminder from their carrier, while a third never heard from their insurer on an annual basis (where there was no claim against their policy), while 95% said they would like to hear more about the status of a claim.
- The survey also highlighted the ongoing transition to digital communications with carriers, and consumers’ willingness to use online services to switch insurance, and make changes to their insurance policies.
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These are fundamental insights that many insurers may take for granted and assume are being addressed, but highlight clear areas of underperformance in the eyes of many consumers.
Research in Finance Head of Insight, Karen Scott, said, “Many companies tend to focus too much on their product or service and forget to listen to what consumers are telling them or fail to even ask the questions. This results in declining revenue, profit and brand loyalty. The goal of any business is to create sustainable shareholder and customer value, and that objective is easier to reach when we listen to consumers and most importantly create the changes required to meet their needs.”
The Global Consumer Insurance Insights Survey also highlighted a number of other key takeaways, including:
- Strong opportunities for carriers to accelerate new product introductions to capitalise on niche, regional opportunities. There is a stark lack of insurance penetration globally beyond the traditional motor, home and life insurance staples, but consumers expressed a strong regional and global interest in add-on insurance products and usage-based insurance.
- At the heart of it all is carriers listening and reacting to consumers on an individual basis, as well as harnessing data effectively to see and respond to the trends as they happen at scale across product lines and distribution throughout different regions.
Duck Creek Technologies CEO, Mike Jackowski, said, “This is an exciting time for our industry, where the most successful insurance businesses are undoubtedly those who act on their ability to listen to consumers, react quickly, and consistently provide high quality, relevant products and services to their customers.
This pioneering survey highlights some surprising home truths about communication and engagement with consumers that many carriers may assume they have addressed. At the same time, the strong consumer interest in insurance innovations such as add-on products and usage-based insurance, with nearly 60% of consumers expressing an interest in the latter, is a clear strategic opportunity.
Now, carriers have at their fingertips the technology and tools they need to grow their digital presence, enhance their distribution channels, maximize their data, and create truly compelling, persona-based interactions that anticipate and exceed consumer preferences and expectations.
Leading technology offerings like Duck Creek’s core systems implementation harness the convenience, centralization and digital streamlining of SaaS architecture in combination with access to an evolving insurtech ecosystem – connecting carriers with advanced technologies such as artificial intelligence and machine learning to make the most out of the data at their fingertips.
I know there is huge anticipation around the results of this global survey of 2,000 consumers who were asked about their buying preferences, attitudes toward switching insurance and toward insurance innovations, and I am looking forward to the official launch at the start of our Formation ‘22 event.”
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