Previous assumptions and received wisdom about customers may no longer be reliable, and those insurers who are able to respond best to what customers need now are most likely to succeed.
The voice of the customer
The buying behaviors, attitudes and preferences of insurance customers worldwide are changing.
To understand this transformation and help insurers determine how they must adapt to attract, deepen and preserve customer relationships, we and market research firm Ipsos surveyed 24,000 insurance customers across seven global regions. Our insurance teams around the world then analyzed the customer responses.
The survey findings, along with our analyses, are available in six regional and country reports.
We hope that the survey data and our perspectives will test your thinking, challenge your implicit assumptions and reassess your customer strategy.
Our survey findings suggest that to remain competitive, providers of life insurance and non-life insurance products must:
- Recognize that the internet allows easy comparison of products and prices, requiring simple and transparent products that consumers can buy with confidence.
- Seamlessly integrate existing distribution channels with online channels.
- Invest in customer service and brand equity, given these factors are as important (if not more so in some regions) than price.
- Determine ways to reward valuable customers to improve retention and cross-selling efforts.
- Build brand value, as customers evaluating similarly priced products often revert to secondary buying factors like brand and reputation.
Tap into our global findings to help shape your customer strategies and move your business forward: