Wait, what? Consumers want to hear more from their insurers!?

The Global Consumer Insurance Insights Survey highlighted opportunities for insurers to fill the communication gap with consumers, but relevance and personalisation are critical, says Andy How, Senior Sales Director, EMEA

I think we’d all agree that listening and reacting to consumers is at the heart of a good business. So I want to highlight some pretty compelling findings from the Global Consumer Insurance Insights Survey – conducted independently by Research in Finance – which asked 2,000 consumers their view on a range of insurance-related issues.

For me, some of the most interesting findings from this research were around communication – or lack thereof. In fact, nearly a third of respondents on average reported never hearing from their insurance provider on an annual basis where there was no claim on a policy!

And where there was a claim, respondents almost unanimously (95%) agreed that irrespective of insurance product, they would find it useful to hear about the status of their claim and its progression, with calls for more engagement and proactivity and access to funds and services to support them during a claim.

Let’s not forget that claims are where the true promise of insurance comes into its own and are arguably the most critical interactions for consumers and insurance providers alike.

It’s clear that there is plenty of scope for insurance businesses to improve consumer experience and engagement throughout their insurance journey and their claims journey. But to get it right, relevance, timeliness and personalisation are critical.

Leading insurers deploy cloud-based, modern core systems architecture to stay agile, and to keep ahead of the competition by intelligently harnessing the wealth of consumer data at their fingertips to keep the user experience as efficient, relevant, helpful and ultimately as valuable as possible.

Find out more – download the Global Consumer Insurance Insights whitepaper to see the full results and analysis.