EY Global Consumer Insurance Survey 2014
- 1. ©2014EYGMLimited.AllRightsReserved.Learn more and review full report at ey.com/insurance/GCIS2014
The EY Global Consumer Insurance Survey 2014
Objective: Uncover and deliver insights into current consumer preferences and
attitudes about their relationships with insurance providers.
24,000
people
30
countries
50
questions
Product types – primarily life and non-life
Consumers of independent brokers, dedicated agents, direct from insurers, employers, banks
Four geographic regions
Learn more and review full report at ey.com/insurance/GCIS2014
The survey incorporated:
Americas
Asia-Pacific
EMEIA Japan
- 2. ©2014EYGMLimited.AllRightsReserved.
The EY Global Consumer Insurance Survey 2014
Key
Finding
1 High turnover and low trust signal
serious relationship issues.
Supermarkets Banks Car
manufacturers
Online shopping
sites
Insurance
companies
Pharmaceutical
companies
84% 82% 80% 78% 68%70%
Insurers are not as trusted as other types of businesses
Learn more and review full report at ey.com/insurance/GCIS2014
- 3. ©2014EYGMLimited.AllRightsReserved.
The EY Global Consumer Insurance Survey 2014
Key
Finding
2 Just because they leave you doesn’t
mean they don’t love you.
Good news: insurers have
many advocates
66% Customers likely or very likely to
recommend their insurance provider
to friends or relatives.
Bad news: advocates often leave
Customers willing to recommend their
insurance provider who have closed
policies in last 18 months.
38%
The relationship can go on even if policies are lost
“Alumni” customers who leave may have future value$
Learn more and review full report at ey.com/insurance/GCIS2014
- 4. ©2014EYGMLimited.AllRightsReserved.
The EY Global Consumer Insurance Survey 2014
Key
Finding
3
Insurers have so few interactions with
their customers that each one becomes
a critical moment of truth.
44%
Customers who have had no interactions
with their insurers in the last 18 months
70%Customers experiencing moments of
truth who report a positive outcome
Engagement = Opportunity
Learn more and review full report at ey.com/insurance/GCIS2014
- 5. ©2014EYGMLimited.AllRightsReserved.
The EY Global Consumer Insurance Survey 2014
Key
Finding
4
Consumers want more frequent,
meaningful and personalized
communications.
Customers who want to hear from their
insurers at least semi-annually
57%
Customers who currently hear from
their insurers at least semi-annually
47%
Ready to hear from you
Only 14% of customers are
very satisfied with current
communications
Learn more and review full report at ey.com/insurance/GCIS2014
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The EY Global Consumer Insurance Survey 2014
Key
Finding
5
As consumers embrace digital,
insurers must rethink their distribution
strategies and partner relationships.
80%
Consumers willing to use digital and remote channel options
for different tasks and transactions.
Phone Video
Online
ChatEmail
Learn more and review full report at ey.com/insurance/GCIS2014