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Consumer involvement in life insurance is low, as is loyalty to providers. Insurers that offer distinctive, relevant products and services have the opportunity to increase sales and gain market share.
Life insurance results from the 2010 Accenture Global Consumer Survey revealed that:
Consumers are disinterested and disengaged when it comes to life insurance.
Customer satisfaction, loyalty and advocacy are lower for insurance than other services.
Recommendations, value and tailored service are common reasons for switching carriers.
Accenture believes that life insurers can regain consumer interest and loyalty by focusing on three areas:
Listening to the customer
Creating and delivering the right product mix
Getting the right systems in place
This point of view offers detailed survey results, insightful analysis and steps carriers can take to capitalize on market potential.
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August 26, 2011