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Insurance consumer study: See the people behind the policies

Three ways insurance carriers can build relevance with consumers and grow.


In brief

  • We surveyed 49,000 consumers in 33 global markets to understand their shifting preferences and how protected they feel against emerging risk areas.
  • Not all risks are insurable, but generational shifts shed light on consumer needs, new protection priorities and product and experience preferences.
  • With high consumer trust and openness to data sharing, insurers can see people before policies, get closer to consumers and become more relevant.

Insurance consumers are living in uncertain times

The felt need for insurance is high as consumers cope with large-scale disruption. But their risk concerns are evolving.

Generational shifts are shaping consumer needs and changing their protection priorities and product and experience preferences. As Boomers reach their decumulation years, Millennials become the dominant segment for insurers. Their level of concern about deteriorating mental health and property theft or damage is significantly greater than that of Boomers.

Across all demographic segments, there is demand for more, better and faster services. Consumers say they want their unique needs met by their insurers more quickly and easily. They also say they are willing to share the data necessary to drive those interactions.

3 ways insurers can build relevance with consumers and grow:

1. See people before policies.

People want solutions—not products. Insurers need a profound understanding of the people behind the policies, so they can be ready with solutions that fit each unique risk profile and create a protection ecosystem.

2. Solve for relevance in how you acquire business.

Consumers show increasing interest in embedded insurance offers in which the relevant risk protection is integrated into their purchase.


Since 2018, the share of consumers who say they are likely to buy auto insurance from a car dealer increased by 10 percentage points, from 32% to 42%.

3. Make it personal.

Many carriers have already built the cloud, data and AI capabilities required to deliver usage- and behavior-based insurance. Beyond the COVID-era spike, consumers continue to show interest in these personalized solutions.

This is the clarion call for reinvention of the insurance industry. It begins with a deliberate strategy that moves insurance towards risk mitigation and continual engagement.

What's next?

There are incredible opportunities for insurers to grow by strengthening their digital core and establishing the culture and capabilities that enable continuous reinvention.


Kenneth Saldanha

Senior Managing Director – Global Insurance Lead

Todd Staehle

Managing Director – Insurance, Accenture Song