Global Consumer Insurance Survey 2012
The Americas: a customer revolution in the making
Customers want more information on products, improved service and to be rewarded for their loyalty.
In this survey of customers in the United States, Canada, Brazil and Mexico, strong evidence indicates a profound change in consumer behavior. Across these countries, they want more information on products, more involvement in purchase decisions, improved service, and their loyalty rewarded through price discounts or better value.
In addition to these consistencies, the survey unearthed key market differences: Brazil, which is experiencing tremendous economic growth and the creation of a middle class, stands out against Mexico, where insurance markets are still developing. These countries' dissimilar customer profiles contrast further with markets in the United States and Canada.
Select regional findings include:
Life and annuities
- A large majority of customers (85%) are fairly or very confident that products meet their needs, yet only 16% buy multiple products from a single insurer.
- Only 35% of consumers have a very or strongly favorable view of the insurance industry, and 39% believe it lags behind other industries in service.
- A small number of consumers (27%) currently conduct product research prior to purchasing, but two-thirds (66%) expect to in the future.
- A large majority of customers (82%) continue to rate personal interaction as fairly or very important when purchasing complex financial products meeting specific needs.
Property and casualty
- Almost half of consumers (42%) cite a well known or trustworthy brand as a key factor in purchasing decisions.
- More than one-third of customers (34%) who had a poor claims experience are likely to switch to another insurer.
- Roughly half of consumers (52%) prefer to buy multiple products from the same provider, citing convenience and the value as the key factors.
- More than half of customers (51%) said their insurers made no effort to retain them, although 62% indicated they would be more likely to renew if contacted.
We hope this research proves useful in shaping your customer strategies and moving your business forward.