Global Financial Services Consumer Survey 2019 KEY INSURANCE … · 2019-08-14 · messaging Social media channels Video conversation with advisor Automated telephone Live telephone

KEYINSURANCEFINDINGS

Global Financial Services Consumer Survey 2019

Copyright © 2019 Accenture. All rights reserved. 2

Our 2019 Global FS Consumer Study sought to find out what consumers think about financial services and their providers.

It surveyed 47,000 insurance and banking customers in 28 markets in Asia, Europe and North America.

Insurance respondents gave their views on life, auto and household insurance respectively.


Through this survey, we sought to understand what these consumers think and value, and how they want to engage with financial providers.

THE PATTERNS WE IDENTIFIED CAN BE DISTILLED INTO FIVE KEY FINDINGS

4Copyright © 2019 Accenture. All rights reserved.

1. 2. 3.

4. 5.

Integrated propositions that address customers’ core needs will be well received

Personalization of offerings and experiences is likely to be a highly valued differentiator

Consumers are willing to share data with their insurers in return for better advice and more attractive deals

Consumers want better integration across physical and digital channels

Trust is an increasingly critical asset for insurers


CUSTOMER ATTITUDES AND PREFERENCES

Integrate your physical and digital channelsConsumers still want the long-expected omni-channel experience that players in other industries are providing.

1

CONSUMERS MOST FREQUENTLY USE ONLINE CHANNELS AND THE PHONE TO GET IN TOUCH WITH THEIR INSURER


39%

55%

40%

70% 73% 75%

61%

30%41%

52%

36%

23%

39%

15% 11%13%

23%

51%41%

33%

15% 13% 14%9% 8%

7% 10% 13% 12% 10%7% 7% 6% 5% 5%

4% 5% 5% 5% 4%

2% 2% 2% 2% 3% 1% 1% 1% 1% 1%

Online website viacomputer

Online via smartphoneor tablet

Email Chat/instantmessaging

Social media channels Video conversationwith advisor

Automated telephone Live telephone Face to face (branch) Paper mail

Daily

Weekly

Monthly

Yearly

Never

Web/App Phone F2FOnline real-time

Post

Q. How often do you use these channels to contact your insurance provider?

WEBSITES, THE PHONE AND FACE-TO-FACE ARE THE PREFERRED CHANNELS FOR INTERACTING WITH INSURERS


31%

18%

27%

13%11%

7%

11%

6%5% 4%

8%7%

2% 2% 2% 2%2% 1% 1% 1%2% 2% 1% 2%2% 2% 2% 3%

14%

17%

14%

23%

14%

32%

18%

26%

2% 2% 3% 3%

Looking for information about an insuranceproduct/service

Buying an insurance product Updating your personal details Making an insurance claim

Online website via computer Online via mobile app or tablet Email Instant messaging Social media channels Video conversation withadvisor

Automated telephone Live telephone Face-to-face Paper mail

Web/App

Online real-time

Phone

F2F

Mail

Q. Which of these channels would you prefer to use for the following actions?

PRICE IS ALWAYS A FACTOR, BUT CONSUMERS SAY SPEED AND CONVENIENCE ARE MORE IMPORTANT TO THEM


5%

9%

10%

11%

11%

13%

14%

17%

24%

25%

27%

28%

30%

32%

33%

Appealing brand

Recommendations of appropriate products and services

Attractive customer loyalty scheme

Ethical and sustainable business practices

Broad range of flexible, high-quality products

Attractive digital banking proposition

Personalized services

Able to contact my bank at a time that suits me

Clear and transparent communications

Competitive pricing

Value for money

Polite and knowledgeable staff

Able to manage my account in a way that suits me

Fast resolution to any issues I may have

Speedy and efficient service

Factors ranked among the top 3 most important

Q. Which of the following are most important to you when dealing with insurers?

36%

48%

49%

50%

59%

66%I don’t mind which channel I use; my main concern is getting what I need quickly and easily

I would like my provider to blend physical branches and digital services, so I can interact with them in the way that best suits me

I would like the ability to switch between online and telephone when making a purchase/accessing a service, without it slowing down the process

I am frustrated when I call customer services because my query is rarely resolved by the first person I speak to

I would like to have instant access to face-to-face advice from my bank or insurer via my mobile device

I expect my provider to use my data to anticipate my needs, and recommend relevant products and services when/where they are required

A SEAMLESS MULTI-CHANNEL EXPERIENCE IS A PRIORITY FOR THE MAJORITY OF CUSTOMERS


Q. Do you agree with these statements? A. Strongly agree + agree

CUSTOMERS ARE MORE SATISFIED WITH ONLINE THAN FACE-TO-FACE INTERACTIONS WITH THEIR INSURERS


81% 77%64%

56% 56% 54% 52%

66%76%

57%

Online website usingdesktop/laptop

computer

Online via a mobileapp or website (on

smartphone or tablet)

Email (or securemessage)

Chat/instantmessaging (incl.

WhatsApp)

Social media channels(e.g. Facebook,

Twitter)

Video conversationwith advisor (viawebsite or in the

branch)

Automated telephone Live telephone (i.e.speaking to a

representative)

Face to face (i.e. inbranch)

Paper mail/postLive telephone(i.e. speaking to

a representative)

Face to face(i.e. in aBranch)

Web/App Phone Face-to-faceOnline

real-timePost

Q. How satisfied are you with your interactions over the following channels in the past year? A. Very satisfied + satisfied

But insurers have some way to go in improving their interactions on messaging, social media and IVR platforms

HUMAN ADVISORS ENJOY GREATER TRUST THAN ROBO-ADVISORS

Copyright © 2019 Accenture. All rights reserved.

54%

35%

25%

12%8% 7%

58%

39%

25%

12%

7% 6%

A human advisor in branch A human advisor over the phone A human advisor over a video call An automated service A chatbot A robot in branch

Advice on insurance products and offerings

Making an insurance claim

Q. To what extent are you likely to trust advice provided in the following situations?A. A lot

CUSTOMERS ARE MORE WILLING TO PAY FOR THE INPUT OF HUMAN ADVISORS


29% 27%33% 33% 32% 31% 30% 29% 28%

25% 27% 25%

35% 39%22%

25%

17% 18%14% 14%

13%

12%14%

12%

On products & offerings On making a claim On products & offerings On making a claim On products & offerings On making a claim On products & offerings On making a claim On products & offerings On making a claim On products & offerings On making a claim

Very likely

Somewhat likely

A human advisor in branch

A human advisor over the phone

A human advisor over a video call

An automated service A chatbot A robot in branch

Q. How likely would you be to pay for advice in the following scenarios?

MANY CONSUMERS WOULD WELCOME MORE DIGITAL EXPERIENCES, DESPITE THEIR CURRENT SCARCITY


51%48% 48%

46%

38%35% 34% 34% 34%

28%

Access to human advice from homevia an internet-enabled chat or

video device

Making an insurance claim via aninternet-enabled chat or video

device

Advice on the latest products andservices via an internet-enabled

chat or video device

Updating personal details via aninternet-enabled chat or video

device

Making payments via an internet-enabled chat or video device

Willing to access a remote advisor

Desire to replace in-branch access

Overall, younger, male respondents are more likely to be willing to access remote advice from home

Q. Would you be willing to interact with a remote advisor in the following situations?Q. Would you like these digital experiences to replace in-branch experiences?


Leverage your physical footprint and integrate physical and digital services to meet customer needs more effectively.

What does this mean for insurers?


Personalize your services as much as possible


2Consumers want tailored, customized offers from their insurers.

MANY CONSUMERS EXPECT INSURERS TO USE THEIR DATA TO ANTICIPATE THEIR NEEDS AND RECOMMEND PRODUCTS


7%

14%

31%

37%

11%Strongly agree

Agree

Neither agree or disagree

Disagree

Strongly disagree

Q. Should your provider use your data to anticipate your needs, and recommend relevant products and services when and where they’re required?

Top two: 48%

Bottom two: 21%


THERE IS BROAD INTEREST IN PERSONALIZED DIGITAL SERVICES OFFERED BY INSURERS

52%

60%

64%

Life insurance where premiums are tied to a healthy lifestyle

Pay-as-you-drive auto insurance

Auto insurance where premiums are tied to safe driving

Q. How interested would you be in the following?A. Extremely Interested + Interested

TAILORED CONTEXT-DRIVEN SERVICES ALSO HAVE GREAT APPEAL


Q. How appealing would you find the following digital service if offered by your insurer?

Offers and perks based on where I shop most often

Appealing

Not appealing

61%

15%

19%

35%

24%

8%Strongly agree

Agree


Disagree

Strongly disagree

INNOVATIVE, CUSTOMIZED COMMUNICATION CHANNELS WOULD BE WELCOMED BY MANY CUSTOMERS


Top two: 32%

Bottom two: 34%

Q. Do you agree that your insurer should introduce new ways of communicating with you, such as via wearable devices or bots?

Actively target customers who are interested in personalized services with experiences that strengthen their brand affiliation at every touchpoint.



20


Develop bundled offerings that meet a broader set of needs


3Integrated propositions combine products and services from insurers and other vendors, giving customers a “one-stop-shop” to address core needs.

MANY CONSUMERS ARE INTERESTED IN BUNDLED SERVICES; MOST OF THESEPROSPECTS ARE WILLING TO PAY


Q. How interested would you be in the following? Would you be willing to pay for these services?

Health & wellbeing package

Home-care package Car-care package End-to-end house buying service

Home security package

How to read this: Chart no. 1 shows that almost 2 out of 3 of the 55% of consumers who are interested in a health & wellbeing package would be willing to pay for it.

55%interested

64%willing to pay

52%interested

65%willing to pay

48%interested

67%willing to pay

50%interested

60%willing to pay

42%interested

57%willing to pay

Become a key player in an ecosystem that delivers integrated propositions around a customer need.




Offer reciprocal benefits to customers who share their data

4Truly personalized insurance is powered by data.

Customers understand this and are prepared to hand over more personal information in return for a more tailored service.


THE VAST MAJORITY OF CONSUMERS ARE WILLING TO SHARE DATA IN RETURN FOR A RANGE OF SERVICES


83% 82% 81% 81% 80%76% 75%

More competitive /lower prices

Faster, easier services A priority service Advice more relevantto your personalcircumstances

Personalized riskmanagement services /

information

Personalized location-based offers

Discounts on non-insurance products /

services

57 percent of respondents said they would be willing to share their data with insurers in return for new benefits.

Q. Would you be willing to share your data in return for the following benefits? A. Yes

2017

Personalizedlocation-based

offers

Create stronger incentives to encourage customers to share their data.




Work hard to earn trust


Trust is not necessarily a driver of loyalty, but the erosion of trust will certainly increase attrition.

5

CONSUMERS ARE FAR MORE LIKELY TO TRUST TRADITIONAL PROVIDERS THAN NON-TRADITIONAL PROVIDERS


43%

32%

23%

12% 11%9%

51%

40%

34%

18%16%

14%

Your main bank Your main insurance provider Online payments companies Tech/telecoms companies or onlineservice providers

Retailers -- online and brick & mortar Social network providers

To look after my long-termfinancial wellbeing

To look after my data

Q. To what extent do you trust the following providers? A. A lot

2017 34 percent of respondents said they trusted insurers to protect their data.

CONSUMERS’ WILLINGNESS TO BUY INSURANCE FROM NON-INSURANCE PROVIDERS CONTINUES TO GROW

70%A bank

44%

A supermarket chain or other retailer

An online insurer (setting up the account myself)

Auto insurance from an auto dealer

A home service provider (security, telecomms etc.)

An online service provider (Amazon, Google etc.)

67%

56%

50%

38%

YES 2016 YES 2013

60% 43%

54% N/A

30% 14%

29% 23%

38% 20%

26% N/A

Q. How likely are you to consider buying insurance from the following providers? A. Very Likely + Somewhat Likely + Not Opposed


CONSUMERS ARE CONCERNED ABOUT DATA PRIVACY, BUT MOST DON’T KNOW HOW THEIR DATA IS BEING USED

58%

59%

59%

73%

75%

You can't do too much to protect your privacy

It doesn't matter how careful you are, if you're online you should not expect privacy

I don't know what data is being captured about me or how to keep it private

I am concerned about how companies use my personal data

I am very alert and cautious about the privacy of my personal data

Q. To what extent do you agree with these statements? A. Strongly Agree + Agree


COST IS THE NO. 1 REASON CONSUMERS SWITCH PROVIDERS, BUT PROTECTING CUSTOMER DATA IS KEY TO RETENTION


11%

18%

18%

21%

24%

25%

29%

35%

38%

50%

Failure to show commitment to innovation (e.g. new products and services)

No longer being able to access the relevant person when needed

Difficulty accessing my insurer at a time that suits me

Issues / difficulty accessing digital services (e.g. apps, web etc.)

Difficulty or inability to access a local branch

Not / no longer being offered products and services that suit my needs

Not / no longer feeling valued as a customer

Feeling like my complaints are not taken seriously or acceptably dealt with

Issues / concerns over data security

Increase in costs / no longer offering competitive prices

Q. Which of the following, if any, would cause you to leave your insurer?

Causes ranked among the top 3


• Invest in and communicate clearly on measures to protect customer data.

• Find new ways of creating added value to build consumers’ long-term loyalty; don’t rely on customer “inertia”.


Unlock the potential of an increasingly disrupted market by becoming a hyper-relevant, innovative and data-driven business that can adapt constantly to changing customer needs.

DOWNLOAD THE STUDY NOW.

Contact:

Piercarlo GeraSenior Managing Director, Accenture Financial Services Customer Insight & [email protected]

Jean-Francois GascManaging Director, Accenture Strategy – Insurance

[email protected]

Erik J. SandquistManaging Director, Global Lead for Accenture Insurance Customer Insight & [email protected]

www.accenture.com/FSConsumerStudy2019READ INSURANCE AS A LIVING BUSINESSwww.accenture.com/us-en/insight-insurance-living-business-customer-experience

Become a living business.


mailto:[email protected]



http://www.accenture.com/FSConsumerStudy2019

http://www.accenture.com/us-en/insight-insurance-living-business-customer-experience

Appendix

34

4%4%

4%

9%

4%

4%

4%

19%4%

13%

4%

11%

2%

6%

6%

Regions

ANZ Canada ASGR Greater China India

iceg Japan LATAM Africa Gallia

Nordic ASEAN MET UKI United States

FS CONSUMER SURVEY 2019: DEMOGRAPHICS

Country Respondents

Argentina 1000

Australia 2000

Belgium 1000

Brazil 2000

Canada 2000

Chile 2000

China 2000

Colombia 1000

Finland 1000

France 2000

Germany 2000

Hong Kong 2000

India 2000

Indonesia 1000Italy 2000

Japan 2000

Malaysia 1000

Mexico 2000

Netherlands 1000

Peru 1000

Singapore 2000

South Africa 2000

Spain 2000

Sweden 1000

Thailand 1000

UAR 1000

United Kingdom 3000

United States 3000

6%

27%

30%

22%

16%

Age Groups

Gen Z Gen Y Gen X Baby Boomers OAP

Gen Z = 18-21, Gen Y = 22-34, Gen X = 35-50, Baby Boomers = 51-64, OAP = 65+Base: All respondents n=47,000


INSURANCE PRODUCTS AND PROVIDERS

63%Life insurance

Other, please specify

Auto insurance

55%Home insurance

(e.g. building, contents or renters)

69%

8%

Type of products Number of insurance providers

One insurance provider 59%

10%

2 27%

3

More than 3 4%

More than one 41%

S4 - How many different insurance providers do you currently have policies from?S3 – which insurance product do you currently have?

1,6

Average number of insurance policies

owned


In almost all cases, the survey results were similar irrespective of the line of business which

respondents were focusing on.

The following slides show those results that did

differ significantly by line of business.



RETENTION LEVELS FOR AUTO INSURANCE DIFFERSFROM THOSE OF OTHER PRODUCT LINES

Q. How long have you been with your current insurer?

10% 14%9%

18%

24%

17%

20%

24%

22%

23%

21%

25%

17%

9%

16%

9%6% 9%

6 - 12 months 1 - 2 years 3 - 4 years 5 - 10 years 10 - 20 years More than 20 years Don't know

Life Auto Home


CONSUMERS MOST FREQUENTLY USE ONLINE CHANNELS AND THE PHONE TO GET IN TOUCH WITH THEIR INSURER

39%

55%

40%

70% 73% 75%

61%

30%41%

52%

36%

23%

39%

15% 11%13%

23%

51%41%

33%

15% 13% 14%9% 8%

7% 10% 13% 12% 10%7% 7% 6% 5% 5%

4% 5% 5% 5% 4%

2% 2% 2% 2% 3% 1% 1% 1% 1% 1%

Online website viacomputer

Online via smartphoneor tablet

Email Chat/instant messaging Social media channels Video conversation withadvisor

Automated telephone Live telephone Face to face (branch) Paper mail

Never Yearly Monthly Weekly Daily

Web/App Phone F2FOnline

real-time Post

Q. How often do you use these channels to contact your insurance provider?

Life

36%

Auto

33%

Home

38%

Life 36%Auto 33% Home 38%


Life 14%Auto 11% Home 12%Life 36%

Auto 40% Home 40%




31%

18%

27%

13%11%

7%

11%

6%5% 4%

8%7%

2% 2% 2% 2%2% 1% 1% 1%2% 2% 1% 2%2% 2% 2% 3%

14%

17%

14%

23%

14%

32%

18%

26%

2% 2% 3% 3%

Looking for information about an insuranceproduct/service

Buying an insurance product Updating your personal details Making an insurance claim

Online website via computer Online via mobile app or tablet Email Instant messaging Social media channels Video conversation withadvisor

Automated telephone Live telephone Face-to-face Paper mail

WEBSITES, THE PHONE AND FACE-TO-FACE ARE THE PREFERRED CHANNELS FOR INTERACTING WITH INSURERS

Web/App

Online real-time

Phone

F2F

Mail

Q. Which of these channels would you prefer to use for the following actions?







PRICE IS ALWAYS A FACTOR, BUT CONSUMERS SAY SPEED AND CONVENIENCE ARE MORE IMPORTANT TO THEM

5%

9%

10%

11%

11%

13%

14%

17%

24%

25%

27%

28%

30%

32%

33%

Appealing brand

Recommendations of appropriate products and services

Attractive customer loyalty scheme

Ethical and sustainable business practices

Broad range of flexible, high-quality products

Attractive digital banking proposition

Personalized services

Able to contact my bank at a time that suits me

Clear and transparent communications

Competitive pricing

Value for money

Polite and knowledgeable staff

Able to manage my account in a way that suits me

Fast resolution to any issues I may have

Speedy and efficient service

Factors ranked among the top 3 most important

Life 22%

Auto 26%

Home 25%

Q. Which of the following are most important to you when dealing with insurers?

CONSUMERS’ WILLINGNESS TO BUY INSURANCE FROM NON-INSURANCE PROVIDERS CONTINUES TO GROW

70%A bank

44%

A supermarket chain or other retailer

An online insurer (setting up the account myself)

Auto insurance from an auto dealer

A home service provider (security, telecomms etc.)

An online service provider (Amazon, Google etc.)

67%

56%

50%

38%

Q. How likely are you to consider buying insurance from the following providers? A. Very Likely + Somewhat Likely + Not Opposed

Life 72%

Auto 67%

Home 70% YES 2016 YES 2013

60% 43%

54% N/A

30% 14%

29% 23%

38% 20%

26% N/A


INNOVATIVE, CUSTOMIZED CHANNELS OF COMMUNICATION WOULD BE WELCOMED BY A SIGNIFICANT SHARE OF CUSTOMERS

Q. Do you agree that your insurer should introduce new ways of communicating with you, such as via wearable devices or bots?

Life 34%

Auto 30%

Home 30%

15%

19%

35%

24%

8%Strongly agree

Agree


Disagree

Strongly disagree

Top two: 32%

Bottom two: 34%


36%

48%

49%

50%

59%

66%I don’t mind which channel I use; my main concern is getting what I need quickly and easily

I would like my provider to blend physical branches and digital services, so I can interact with them in the way that best suits me

I would like the ability to switch between online and telephone when making a purchase/accessing a service, without it slowing down the process

I am frustrated when I call customer services because my query is rarely resolved by the first person I speak to

I would like to have instant access to face-to-face advice from my bank or insurer via my mobile device

I expect my provider to use my data to anticipate my needs, and recommend relevant products and services when/where they are required


A SEAMLESS MULTI-CHANNEL EXPERIENCE IS A PRIORITY FOR THE MAJORITY OF CUSTOMERS

Q. Do you agree with these statements? A. Strongly agree + agree

Life 52%

Auto 47%

Home 47%


CONSUMERS ARE FAR MORE LIKELY TO TRUST TRADITIONAL PROVIDERS THAN NON-TRADITIONAL PROVIDERS

43%

32%

23%

12% 11%9%

51%

40%

34%

18%16%

14%

Your main bank Your main insurance provider Online payments companies Tech/telecoms companies or onlineservice providers

Retailers -- online and brick & mortar Social network providers

To look after my long-termfinancial wellbeing

To look after my data

Q. To what extent do you trust the following providers? A. A lot

Life 35%

Auto 29%

Home 32%

Life 40%

Auto 38%

Home 41%

2017 34 percent of respondents said they trusted insurers to protect their data.

Global Financial Services Consumer Survey 2019 KEY INSURANCE … · 2019-08-14 · messaging Social media channels Video conversation with advisor Automated telephone Live telephone

Documents