Accenture report highlights falling satisfaction among consumers
Accenture has released a new report highlighting the findings of a survey of those living in 33 different countries. The report aimed to determine how satisfied people living in these countries were with their property insurance provider and their life insurance provider. The report shows that loyalty among consumers has declined somewhat and many people are becoming more likely to seek out new insurance providers in order to find better deals or better coverage options.
Only 29% of consumers are satisfied with their insurance providers
According to the report, only 29% of consumers are highly satisfied with their property insurance providers. Interaction may be one of the reasons that consumers seem unhappy with their insurance provider. The report shows that nearly 50% of consumers want more online interaction with their insurers, but several companies have struggled to find effective ways of engaging consumers in the digital space. Nearly half of consumers have purchased their insurance policies online in the past six months, but they are feeling a disconnect between themselves and their insurance providers.
Lacking communication is a problem for many consumers
With digital technologies becoming more advanced, insurers will have to find new ways to communicate with consumers online. Accenture suggests that insurers that can make the best use of these digital technologies will find significant success in the coming years. Insurers may be able to learn a lot from other industries that have already found ways to leverage digital technologies successfully, especially when it comes to communication.
Fewer consumers are likely to purchase insurance coverage from their current providers
While 29% of consumers reported that they were satisfied with their insurance providers, only 16% said that they plan to purchase coverage from these providers again. Loyalty is falling, and finding a way to solve this problem may not be an easy task for insurers. The report from Accenture noted that there is approximately $470 billion in personal lines premiums in both the life and property insurance sectors. Costs could also be a significant factor affecting the loyalty of consumers.