Consumers crave personalization from their insurance providers and are willing to switch companies to get it, that’s what Accenture found in a survey of life insurance customers:
- More than three quarters (80 percent) of insurance customers the company surveyed are looking for personalized offers, messages, pricing and recommendations from their auto, home or life insurance providers.
- Nearly as many (77 percent) are willing to provide usage and behavior data in exchange for lower premiums, quicker claims settlement or insurance coverage recommendations.
- Survey respondents said they are not getting this kind of experience from their insurers: one fifth (21 percent) of insurance customers say their providers do not tailor customer experiences at all.
To retain customers and deliver personalized services, insurers have to better understand their customers’ actions and behaviors, and use this knowledge to provide more frequent and high-value interactions.
But most home, auto and life insurance providers are missing the opportunity. Many struggle to truly know more than basic details about their customers.
What’s more, only 22 percent have launched personalized, real-time digital or mobile services to date. These include:
- Offers based on customer needs and products that they already own.
- Messages that customers find relevant and that build on their relationship and previous interactions with the insurer.
- Pricing that dynamically considers consumers’ behaviors, usage and loss preventative measures taken.
- Recommendations and incentives to prevent losses or reduce loss severity.