In a fast changing and increasingly competitive industry, insurance carriers must put the customer experience at the center of their business strategy in order to improve customer loyalty and compete with insurtechs. Here are 20 stats illustrating that the future of insurance depends on customer experience.

1. 20 STATS
About How the Future of
Insurance Depends on
Customer Experience

2. In a fast changing and competitive industry, insurers must put the
customer experience at the center of their business strategy to
improve customer loyalty and compete with Insurtechs.
Here are 20 stats illustrating that the future of
insurance depends on customer experience:

3. Customer Experience is
Important to Insurers

4. of insurers say that changing customer
expectations is the business driver
triggering investments in new technologies.
– Strategy Meets Action
45%

5. of insurers say that customer
engagement and experience is a top
strategic initiative in 2016.
– Strategy Meets Action
85%

6. The Current State
of Insurance

7. of insurers have
launched personalized,
real-time digital or mobile
services.
– Accenture
22%

8. Customer churn because of declining
loyalty and poor customer experiences
represents as much as $470 billion Life
and Property & Casualty premiums globally.
– Accenture Strategy Report

9. Less than one-third (29%)
of insurance customers are satisfied with
their current providers.
– Accenture Strategy Report

10. Only 15%
of consumers are satisfied with their
insurers’ digital experience.
– Propertycasualty360

11. More than 30%
of customers who
endured a bad claims
experience switched
insurers within a year
of the incident.
– Forrester

12. Satisfied customers
are 80% more likely
to renew their policies than
unsatisfied customers.
– McKinsey

13. More than 80% of shoppers now
touch a digital channel at least once
throughout their shopping journey.
– McKinsey

14. Almost 75% of customers
who attempted to purchase
insurance online reported a
myriad of problems.
– Accenture

15. 39% of policyholders
filing a homeowners claim on complain
that their insurers’ online process was
“not easy.”
– Accenture

16. of insurance customers say that
providers do not tailor their customer
experiences at all.
– Accenture
21%

17. Only 16% of
customers said they
would definitely buy more
products from their
current insurance
provider.
– Insurance Journal

18. In addition, only 27%
of policyholders have a high estimation of
their insurance providers’ trustworthiness.
– Insurance Journal

19. Customer
Preferences

20. 23% of respondents
said they would consider
buying insurance from
online service providers.
– Insurance Journal

21. of insurance customers demand more
personalization from providers
– Accenture
88%

22. 77% of customers are willing to exchange
personal data for lower premiums, faster
claims settlements or more tailored
insurance coverage recommendations.
– Accenture

23. Nearly half (47%) of the survey
respondents said they want more online
interactions with their insurers. In the past
six months, half of P/C consumers
purchased a policy online, with 41% using
a mobile phone to make their purchase.
– Insurance Journal

24. 81% of customers want to be able
to manage their investments online
52% want to be able to make a
complaint online
28% want to make an appointment
to visit a financial adviser online. – Accenture

25. 61% of insurance customers in the UK, 76% in
Germany & 79% in Spain say their insurer
choice is influenced by the quality of the carrier’s
claims-handling and customer service.
– Accenture

26. Insurers have 3 priorities
for digital product disruption
Product
Innovation
Customer
Innovation
Operational
Efficiency
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