20 STATSAbout How the Future of Insurance Depends on Customer Experience

In a fast changing and competitive industry, insurers must put the

customer experience at the center of their business strategy to

improve customer loyalty and compete with Insurtechs. 

Here are 20 stats illustrating that the future of insurance depends on customer experience:  

Customer Experience is Important to Insurers

of insurers say that changing customer expectations is the business driver triggering investments in new technologies. – Strategy Meets Action

45%

of insurers say that customer engagement and experience is a top

strategic initiative in 2016.–  Strategy Meets Action

85%

The Current State of Insurance

of insurers have launched personalized, real-time digital or mobile services.

– Accenture

22%

Customer churn because of declining loyalty and poor customer experiences represents as much as $470 billion Life and Property & Casualty premiums globally.

– Accenture Strategy Report 

Less than one-third (29%) of insurance customers are satisfied with their current providers.

– Accenture Strategy Report 

Only 15% of consumers are satisfied with their

insurers’ digital experience. 

– Propertycasualty360

More than 30% of customers who endured a bad claims experience switched insurers within a year of the incident. – Forrester 

Satisfied customers are 80% more likely to renew their policies than unsatisfied customers.

– McKinsey

More than 80% of shoppers now touch a digital channel at least once throughout their shopping journey.

–  McKinsey 

Almost 75% of customers who attempted to purchase insurance online reported a

myriad of problems.

– Accenture

39% of policyholders filing a homeowners claim on complain that their insurers’ online process was “not easy.”

– Accenture

of insurance customers say that providers do not tailor their customer

experiences at all.

– Accenture 

21%

Only 16% of customers said they would definitely buy more products from their current insurance provider.

– Insurance Journal 

In addition, only 27% of policyholders have a high estimation of their insurance providers’ trustworthiness.

– Insurance Journal

Customer Preferences

23% of respondents said they would consider buying insurance from online service providers.

– Insurance Journal 

of insurance customers demand more personalization from providers

– Accenture 

88%

77% of customers are willing to exchange personal data for lower premiums, faster

claims settlements or more tailored insurance coverage recommendations.

– Accenture

Nearly half (47%) of the survey respondents said they want more online interactions with their insurers. In the past six months, half of P/C consumers purchased a policy online, with 41% using a mobile phone to make their purchase.

– Insurance Journal 

81% of customers want to be able to manage their investments online

52% want to be able to make a complaint online

28% want to make an appointment to visit a financial adviser online. – Accenture

61% of insurance customers in the UK, 76% in Germany & 79% in Spain say their insurer choice is influenced by the quality of the carrier’s claims-handling and customer service.

– Accenture 

Insurers have 3 prioritiesfor digital product disruption

ProductInnovation

CustomerInnovation

OperationalEfficiency

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