The Accenture Global Insurance Claims Survey confirmed what most insurers already know: customers who are unhappy with the way their claim is handled are significantly more likely to defect to a new provider than those who are satisfied with their experience and their settlement.
What might come as a surprise is the revelation that the claim itself – irrespective of how well it is handled – is a powerful trigger for switching. Two out of every five customers who submit a claim are likely to switch, almost twice as many as those who don’t claim.
So while insurers certainly need to ensure they meet customers’ rising expectations for the swift and transparent resolution of their claim, that on its own won’t improve their retention rate.
Read the Accenture Insurance Claims Customer Survey report and get access to our interactive website to tailor results by insurance type, age, gender and country.