1. What should you do next?
7 ways to get
closer to your customers
The way your customers shop for insurance products is changing. Interactions are
becoming increasingly digital – are you ready to adapt the way you do business?
Five years ago
78% of consumers
used at least one
online channel when
prospecting1
Today
88% do and
four in 10 want even
more digital interactions
than companies
are providing1
However
Only 8% of insurance
companies can be
classified as “digital
progressives”2
78% 88%
8%
What changes can you make to get closer to your
customers, better understand their needs
and retain their business in the long term?
STEP 1: Fuel dialogue with your customers
Lack of loyalty
is expensive
for insurance
companies
Only 29% of insurance
customers are satisfied with
their current providers3
As few as 16% are
sure to buy more
from them3
Digital insurance
The claims process is a critical factor
in your customers’ satisfaction
The mere fact of having a claim increases the customers’
likelihood of switching from 22%3
to 41%.4
94% of survey respondents said that speed of settlement
and process transparency are key expectations when they
interact with their insurers during the claims process.5
90% of respondents said it was important to be able to
contact their insurance provider at any time, to get real-time
status of a claim.5
STEP 2: Optimize the claims process
STEP 3: Get a 360-degree view of your customers
1step
2step
3step
Only 22%6
of insurers have launched
personalized, real-time digital or mobile
services to date, such as:
Communications
that relate to the
customer’s previous
interactions with
their insurer
Offers based on
products
that the customer
already owns
Recommendations
and incentives
to prevent losses or
reduce
loss severity
Pricing that
dynamically
considers customers’
behaviors, usage
and loss-prevention
measures taken
STEP 4: Treat your customers as individuals
4step Insurance customers don’t want to share risk
with a large group.They want products
that reflect their own risk profile
Personalized acquisition and retention experiences
can increase policy holder conversion by up to 20%7
Peer-to-peer insurance
is identified as one of nine applications
that could disrupt general insurance
over the next ten years87
Your customers want to talk to you through
digital channels. Are you ready?
STEP 5: Use the right channels
5step
Friendsurance, a German
P2P network, says its
property insurance members
save 1/3 on average8
Your ability to bring new products to
market in response to changing customer needs
is a key factor in customer retention
STEP 6 - Offer the right product, quickly
6step
of insurance customers change providers
because their needs have changed1024%goodbye
STEP 7: Provide usage-based insurance
7step The Internet of things will drive demand
for usage based insurance
The global market for insurance
telematics is forecast to grow at a
compound annual growth rate (CAGR)
of 80.20% over 2013–2018, to reach
85.5 million subscribers in 201811
Your customers are
ready to benefit from
this shift in technology.
Gartner predicts
that the number of
connected ‘things’
will rise from the
4.9 billion in 2015 to
25 billion in 20202015 2016 2017 2018 2019 2020
30
25
20
15
10
5
85.5million subscribers
in 2018
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1
Accenture 2014 report: Customer 2020: Are you future-based or reliving the past?
2
Gartner: Hype cycle for digital insurance 2015
3
Accenture’s Global Consumer Survey Report 2014
4
Accenture: Why Claims Matter 2014
5
http://insuranceblog.accenture.com/accenture-claims-customer-survey-part-4-digital-is-key
6
http://ins.accenture.com/rs/897-EWH-515/images/Satisfy-the-Craving-for-Insurance-Personalization-POV.pdf
7
http://www.teletech.com/resources/articles/insurance-customer-playbook-personalization-prevails#.V2vjdvl97cc
8
Deloitte, 2015: Insurance disrupted
9
http://insuranceblog.accenture.com/accenture-claims-customer-survey-part-4-digital-is-key
10
Ernst & Young
11
Telematics: Insight Report: Digital Innovation in Insurance: June 2015, RnR Market Research
12
http://www.pwc.com/insurance/digital-life
Guevara is a UK P2P motor
insurance network that says
it saves its members up to
80% on their premiums8
61%
would prefer to
use digital channels
to check the status
of their claims9
44%
would switch
insurers
because of lacking
digital capabilities9
53%
would not
recommend
the insurer to friends and
family if they were not able
to use digital channels
to interact with
their insurer9
SURVEY RESPONDENTS
Source: http://insuranceblog.accenture.com/accenture-claims-customer-survey-part-4-digital-is-key
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companies using the TIA Solution across 30 countries, we are a leading provider of
integrated policy and claims solutions.
Footnotes
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respective owners. This document shall not impose any obligations on TIA Technology A/S by any means.
29%
16%
67% of consumers would
be willing to have sensors
attached to their home or
car if doing so would lower
their premiums12