The variety of customers prepared to share vital knowledge on their well being and different lifestyle-related habits with their insurer to scale back premiums has grown over the previous two years, however their belief in insurers to take care of that knowledge has fallen, based on a brand new report from Accenture (NYSE: ACN).
Based mostly on a survey of greater than 47,000 customers globally, Accenture’s newest International Insurance coverage Shopper Research supplies a view of client preferences and developments in insurance coverage, constructing on comparable experiences 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 knowledge on their well being, train and driving habits in alternate 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 knowledge for customized providers to forestall damage and loss — up from 54% within the 2019 report.
However whereas customers are extra prepared to share private knowledge, their considerations about intrusiveness and its influence on premiums have grown and their confidence of their insurers’ skill to take care of their knowledge has diminished. As an illustration, slightly below a 3rd (32%) of customers say they considerably belief insurers to take care of their knowledge, down from 40% within the 2019 report.
“Customers are embracing the data-for-personalized-pricing pattern and wish insurers to reward their efforts to enhance their well-being, however it comes with a warning that belief is waning, and so they need to really feel in charge of their knowledge,” stated Kenneth Saldanha, who leads Accenture’s Insurance coverage business group globally. “Insurers are creating tech-driven partnerships to supply their clients with versatile, customized insurance coverage choices primarily based on conduct, however they’ll should be clear and accountable with their clients’ knowledge 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 function of human employees, notably as COVID-19 has drastically accelerated the business’s adoption of digital insurance coverage providers. 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 normal in-office declare course of elevated by three share factors to 71%.
Nevertheless, customers general nonetheless belief human advisors greater than digital touchpoints for sure providers. 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 completely tackle new buyer conduct brought on by the pandemic, together with completely raised expectations relating to 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 advanced points that require empathy or nuanced recommendation. As a way to embrace long-term change, it’s important for insurers to empower their folks with the fitting insights and applied sciences to higher serve clients and enhance belief.”
Learn the complete report at: https://www.accenture.com/us-en/insights/insurance coverage/guide-insurance-customers-safety-well-being
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 america. Respondents have been required to have an insurance coverage coverage and represented a number of demographical generations and earnings ranges. The survey was performed on-line throughout July and August 2020.
Accenture is a world skilled providers firm with main capabilities in digital, cloud and safety. Combining unmatched expertise and specialised expertise throughout greater than 40 industries, we provide Technique and Consulting, Interactive, Know-how and Operations providers—all powered by the world’s largest community of Superior Know-how and Clever Operations facilities. Our 514,000 folks ship on the promise of expertise and human ingenuity every single day, serving purchasers in additional than 120 nations. We embrace the facility of change to create worth and shared success for our purchasers, folks, shareholders, companions and communities. Go to us at www.accenture.com.
Accenture’s Insurance coverage Follow 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 economic system. To study extra, go to: www.accenture.com/us-en/industries/insurance-index
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Natalie de Freitas
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