We set out to explore consumers' attitudes and behaviors about insurance, separate myth from reality and learn about what they want now.
Every industry has its own implicit assumptions about how customers behave. The insurance industry is no exception.
To help insurers understand the changing perceptions and behavior of their customers, we conducted a ground-breaking survey, interviewing 24,000 consumers of life/annuity and property/casualty insurance products across 7 global regions.
In the US, more than 2,000 consumers were surveyed across all 50 states and the District of Columbia.
- Gain a better understanding of their customer's expectations
- Develop and market their products and services to meet client demands
- Identify and make the improvements necessary to meet their customer's changing needs and preferences
In our research, we investigated customer thinking to test whether established assumptions remained true or should now be regarded as myths.
The findings strongly illustrated that consumers' attitudes and behaviors are changing and several factors are greatly influencing them, such as:
- The changing financial markets
- Increasing demands on time
- Lower disposable income
- The convenience and breadth of information available on the internet
Insurers who continue to rely on outdated assumptions may miss out on emerging opportunities to create value and respond more effectively to consumers. Insurers that embrace a different strategy are more likely to succeed.
- Know your customer, reward their loyalty
The importance of building and rewarding loyalty by delivering a great customer experience.
- Embrace digital, but not at the expense of personal interaction
The importance of satisfying consumers' simultaneous demands for digital ease and personal interaction.
- Enhance your brand
It's not just about price. The importance of enhancing, managing and protecting your brand in an evolving cyber environment.