Survey from Accenture highlights the loyalty problem that the insurance industry has
The claims process is often the target of criticism within the insurance industry. Consumers typically cite the way their claims are handled for the reason they are unsatisfied with their insurance provider. With thin in mind, many insurance companies take steps to improve their claims process, believing that this will ensure the loyalty of their customers. Even a well orchestrated claims process may not be enough to satisfy consumers, however, according to a new survey from Accenture.
Results of a new survey show that consumers are willing to switch insurance providers even if their claims are approved
According to the survey from Accenture, 86% of consumers that have submitted claims to their insurance provider in the past two years are satisfied with the way their claims were handled. Regardless, 41% of these consumers said that they were likely or very likely to switch to another insurance company within the next year. The survey is comprised of responses from insurance customers in 14 countries.
Dissatisfied consumers switch to a new insurance provider very quickly
Those that were dissatisfied with the way their claims were handled switched their insurance provider more quickly than those that were satisfied with the claims process. Many of those surveyed claimed that they wanted to find an insurance company that could properly manage their claims, or one that would provide a better explanation as to why their claims were rejected. Notably, consumers that submitted insurance claims within the past two years were twice as likely to switch insurers than those that did not submit claims at all during that time period. This is regardless of whether or not the insurance claims were rejected or approved.
Insurers may need to find new ways to connect with consumers
The survey may highlight an issue that exists in the insurance industry. Even an effective claims process may not be enough to keep customers loyal to a single company. As such, insurers may have to find new years to ensure this loyalty, introducing new services or adopting better engagement strategies to connect with consumers in a more dynamic way.