NEW YORK & LONDON & HONG KONG–(BUSINESS WIRE)–The variety of customers keen to share vital information on their well being and different lifestyle-related habits with their insurer to cut back premiums has grown over the previous two years, however their belief in insurers to take care of that information has fallen, in keeping with a brand new report from Accenture (NYSE: ACN).
Based mostly on a survey of greater than 47,000 customers globally, Accenture’s newest Global Insurance Consumer Study supplies a view of client preferences and tendencies in insurance coverage, constructing on comparable reviews from 2019 and 2017.
At a time when insurers are launching tech-driven partnerships to enhance buyer wellness, roughly seven out of 10 customers (69%) say they’d share vital information on their well being, train and driving habits in trade for decrease costs from their insurers, in contrast with 58% two years in the past. As well as, two-thirds (66%) of customers say they’d additionally share vital information for personalised companies to forestall harm and loss — up from 54% within the 2019 report.
However whereas customers are extra keen to share private information, their considerations about intrusiveness and its influence on premiums have grown and their confidence of their insurers’ capacity to take care of their information has diminished. As an illustration, just below a 3rd (32%) of customers say they considerably belief insurers to take care of their information, down from 40% within the 2019 report.
“Customers are embracing the data-for-personalized-pricing development and need insurers to reward their efforts to enhance their well-being, however it comes with a warning that belief is waning, they usually need to really feel in charge of their information,” stated Kenneth Saldanha, who leads Accenture’s Insurance coverage business group globally. “Insurers are creating tech-driven partnerships to offer their clients with versatile, personalised insurance coverage choices primarily based on habits, however they’ll should be clear and accountable with their clients’ information for these partnerships to succeed. To earn customers’ belief, insurers might want to present that their clients’ well-being is on the core of their enterprise.”
As insurance coverage turns into extra digitized, human advisors may also help restore belief
The report additionally finds that insurers might want to re-evaluate the position of human employees, significantly as COVID-19 has drastically accelerated the business’s adoption of digital insurance coverage companies. As an illustration, the variety of respondents over the age of 55 who stated they want the web chat and video insurance coverage declare course of to switch the standard in-office declare course of elevated by three share factors to 71%.
Nonetheless, customers general nonetheless belief human advisors greater than digital touchpoints for sure companies. One instance: Half (49%) of customers belief a human advisor in a department when making an insurance coverage declare, whereas solely 12% belief an automatic digital service and simply 7% belief a chatbot.
“Insurers nonetheless have a lot to do to totally tackle new buyer habits attributable to the pandemic, together with completely raised expectations concerning digital experiences,” stated Todd Staehle, who leads the Insurance coverage business group for Accenture Interactive. “Insurers must grasp a fragile stability, providing easy, self-service digital choices in addition to the human contact for extra complicated points that require empathy or nuanced recommendation. With a purpose to embrace long-term change, it is important for insurers to empower their folks with the best insights and applied sciences to raised serve clients and improve belief.”
Learn the complete report at: https://www.accenture.com/us-en/insights/insurance/guide-insurance-customers-safety-well-being
Methodology
Accenture surveyed 47,810 respondents throughout 28 markets: Australia, Belgium, Brazil, Canada, China (together with Hong Kong), Denmark, Finland, France, Germany, Eire, Israel, Italy, Japan, Malaysia, Mexico, the Netherlands, Norway, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, United Arab Emirates, the UK and the US. Respondents have been required to have an insurance coverage coverage and represented a number of demographical generations and earnings ranges. The survey was carried out on-line throughout July and August 2020.
About Accenture
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Accenture’s Insurance coverage Apply helps P&C insurers, life carriers and reinsurers to redefine their enterprise and working fashions, improve the digital expertise for patrons, and place themselves for progress in a digital financial system. To study extra, go to: www.accenture.com/us-en/industries/insurance-index
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