In a fast changing and increasingly competitive industry, insurance carriers must put the customer experience at the center of their business strategy in order to improve customer loyalty and compete with insurtechs. Here are 20 stats illustrating that the future of insurance depends on customer experience.
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20 Stats About How The Future of Insurance Depends on Customer Experience
1. 20 STATS
About How the Future of
Insurance Depends on
Customer Experience
2. In a fast changing and competitive industry, insurers must put the
customer experience at the center of their business strategy to
improve customer loyalty and compete with Insurtechs.
Here are 20 stats illustrating that the future of
insurance depends on customer experience:
8. Customer churn because of declining
loyalty and poor customer experiences
represents as much as $470 billion Life
and Property & Casualty premiums globally.
– Accenture Strategy Report
9. Less than one-third (29%)
of insurance customers are satisfied with
their current providers.
– Accenture Strategy Report
10. Only 15%
of consumers are satisfied with their
insurers’ digital experience.
– Propertycasualty360
11. More than 30%
of customers who
endured a bad claims
experience switched
insurers within a year
of the incident.
– Forrester
22. 77% of customers are willing to exchange
personal data for lower premiums, faster
claims settlements or more tailored
insurance coverage recommendations.
– Accenture
23. Nearly half (47%) of the survey
respondents said they want more online
interactions with their insurers. In the past
six months, half of P/C consumers
purchased a policy online, with 41% using
a mobile phone to make their purchase.
– Insurance Journal
24. 81% of customers want to be able
to manage their investments online
52% want to be able to make a
complaint online
28% want to make an appointment
to visit a financial adviser online. – Accenture
25. 61% of insurance customers in the UK, 76% in
Germany & 79% in Spain say their insurer
choice is influenced by the quality of the carrier’s
claims-handling and customer service.
– Accenture
26. Insurers have 3 priorities
for digital product disruption
Product
Innovation
Customer
Innovation
Operational
Efficiency
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