The Customer Compass
Navigating the Future of Insurance
What Consumers Think About Insurance
We gathered data from 1,057 consumers in the UK, France, Germany, and the United States to understand how changes in consumer behavior and customer experience expectations map to what people think about insurance.
Time to Get Personal
A full 20% of multiple-policy owners said that a lack of personalization was their main reason for leaving an insurance provider; 28% cited a poor customer experience, compared to 69% who have changed based on cost. That’s why a plan to personalize every interaction with policyholders is so crucial and no longer a “nice to have.” It is quickly becoming a crucial element in how insurers service customers.
Why multiple-policy owners leave their insurance company:
Lack of personalization.
Poor customer experience
Change in cost
Benefit from the Subscription Economy
54% of respondents in our research claimed they had either purchased or renewed a digital subscription service in the last six months, while 59% expected to do so in the future. The appeal of such models for consumers and businesses is clear: for one, it is a simple, hassle-free offer. For the other, it’s a reliable, predictable revenue source that can increase customer loyalty.
Here’s what the research respondents say:
claimed they had either purchased or renewed a digital subscription in the last six months
expected to purchase a digital subscription service in the future
Low Expectations Mean Big Opportunities
When it comes to communication, only 23% of consumers expect insurers will integrate their experience across mobile, web, and in-person. The fact that people’s expectations are so low when it comes to insurers integrating their products and services for a frictionless customer experience might be seen as a problem for the industry – but it’s also a near-term opportunity. Now’s the time to turn this perception around and create customer experiences that help drive long-term customer loyalty.
23% of consumers expect insurers to integrate their experience across channels.