Switching Insurance Providers: Global Consumer Preferences
A growing number of consumers are comfortable using price comparison websites and buying insurance online, so how should insurance providers react, asks Andy How, Senior Sales Director, EMEA
Global consumers are increasingly digital-savvy, with younger age groups more so. This is demonstrated through the fact that the majority of the 2,000 respondents to the Global Consumer Insurance Insights Survey – felt comfortable using price comparison websites to initially purchase insurance – and two-thirds said they would use online services to switch their insurance product, while nearly half felt comfortable going online or using an app when amending a policy.
This willingness to use digital platforms to switch and amend insurance policies and scout for alternative offers should come as no surprise to insurers. And where highly commoditised personal lines products have little differentiation on price, this is driving the need for much better customer experience, and a greater degree of personalisation.
An engaging website and distribution channels are critical
Consumer preference and awareness around switching insurance online also highlights the importance of a good website that allows for an engaging and persona-based, digital-only experience. In addition, nurturing critical distribution channels to capture consumers as they shop around is a critical factor.
The clear call to action for insurance providers here is to ensure they are agile enough to maximise their efforts towards optimising the consumer experience, and capturing new consumer interest across all the channels available. Implementing modern core systems allow insurers to remain competitive in this respect – cloud-based modern core systems, built with evergreen architecture, allow insurers to pivot quickly towards new opportunities and changing consumer behaviours.
Consumers expect fast, personalised service wherever and whenever they need it, and to effectively compete, insurers need to work intelligently to offer easy, seamless experiences across technologies, apps, communications, and customer service.
Download the Global Consumer Insurance Insights whitepaper to see the full results and analysis.