The Accenture Global Distribution & Marketing Consumer Study illustrates a shift in behaviors among 33,000 insurance customers surveyed across 18 markets.
These customers have distinct ways they want to interact with insurance providers throughout their consumer journey. New technology, enabling digital connectivity and cognitive computing, might help insurers push past indemnification into a deeper role with customers.
The insurance report explores the changing marketplace confronting insurers today. It illustrates the challenges that come from shifting customer demands, but points the way to some strong solutions.
Our study identified three groups of consumers that show different behaviors and preferences around how they want to interact with their insurers.
This digitally active group is ready for new delivery models. They are willing to share their data in exchange for personalized services. Nomads are comfortable with computer-generated support and with receiving services from non-traditional providers. They make up 39% of insurance respondents.
Ready to transition to a new digital model
Insurance agents are becoming involved later in the buying process
Want flexible, personalized models
Want insurers to go beyond indemnification
Will migrate to non-insurance firms
These consumers search for the best price. They want to buy financial services from traditional providers and, while they operate well in a digital environment, they also place value on one-to-one engagement. They make up 17% of insurance respondents.
Are primarily driven by value for money
Want to use specialist insurers
Human advice is vital at key stages – more so for Hunters (42%) than for Quality Seekers (37%) or Nomads (30%)
Adding value through data is appealing
These loyal customers value brand integrity and service excellence, and will work with providers who put customers interests first. Price is less important than elements such as data protection and responsive service. They make up 44% of insurance respondents.
Are driven by service and trust
Will share data but on their own terms
Open to computer-generated advice if it enhances the insurance buying experience
Our study looked across Financial Services to understand financial customers’ wants and needs. Five above-line trends emerged, as well as specific regional and financial industry findings. See what else our survey reveals.VIEW FINANCIAL SERVICES TRENDS AND STATS
Global Managing Director,
FS Distribution & Marketing Practice
Piercarlo is Accenture’s global lead for its Financial Services Distribution & Marketing practice, which covers work in distribution channels (such as branch, mobile, web and social media) and marketing (such as big data, analytics and CRM).
Senior Managing Director Global Insurance
John is Accenture’s senior managing director of Global Insurance. He is responsible for setting the industry group's overall vision, strategy, investment priorities and client relationships.
FS Distribution & Marketing Practice, Global Insurance Lead
Erik helps clients reinvent their business and operating models through transformational change programs. His specialties include insurance distribution, sales, agent effectiveness, customer centricity, marketing, underwriting, policy administration and post-merger integration.