There is strong demand from global consumers for more proactive, personalised engagement from carriers, brokers and insurance agents, particularly when claims have occurred, according to research delivered by Duck Creek Technologies.
The research revealed that while carriers are doing many things well (more than a third of global consumers rate the insurance buying experience as very good, with US consumers being the most pleased with 45% rating it as very good), consumers highlighted clear communications gaps, strong interest in more engaging digital channels, and more frequent and relevant communication – particularly around claims.
In fact, 14% of consumers had not received a renewal reminder from their carrier, while a third never heard from their insurer on an annual basis (where there was no claim against their policy), while 95% said they would like to hear more about the status of a claim.
The survey also highlighted the ongoing transition to digital communications with carriers, and consumers’ willingness to use online services to switch insurance, and make changes to their insurance policies.
Karen Scott, research in finance head of insight at Duck Creek Technologies, said, “Many companies tend to focus too much on their product or service and forget to listen to what consumers are telling them or fail to even ask the questions. This results in declining revenue, profit and brand loyalty.
“The goal of any business is to create sustainable shareholder and customer value, and that objective is easier to reach when we listen to consumers and most importantly create the changes required to meet their needs.”
The Global Consumer Insurance Insights Survey – which was conducted independently by Research in Finance and includes feedback from 2,000 consumers from around the world – will be released during the Duck Creek Technologies Formation ‘22 event for customers and partners.
Copyright © 2022 FinTech Global