20 Stats on the Insurance Customer Experience You Need to Know

20 stats insurance

In a fast-changing and increasingly competitive industry, insurance carriers must put the customer experience at the center of their business strategy.

Previously, insurance carriers focused only on delivering a strong product. But in the wake of Covid-19 and the rise of new technologies, it’s not enough for insurance companies to just have a product that delivers. They must also focus on delivering a strong omni-channel customer experience. Giving customers the option to quickly and easily file a claim on their smartphone while also providing live customer support could mean the difference between a positive customer experience (and insurance renewal) and a negative one.

But don’t just take it from us. Here are 20 statistics illustrating that the future of insurance depends on customer experience:

Customer Experience is Important to Digital Insurers

  • When insurers offer personalized services, they see an 81% retention rate – Accenture
  • Insurers also see an 89% increase in engagement when offering personalized services – Accenture
  • 60% of overperforming companies understand that they have to have a purpose that their customers can get behind – Accenture
  • 39% of insurers surveyed are increasing the use of AI – Accenture
  • Spending on CX is expected to grow by over 8% from 2018 to 2022 – IDC

The Current State of Insurance

  • Only 16% of insurers use and give ample support to virtual assistants, yet 38% of consumers view them as critical tools for self-assisted tasks – IBM
  • 11% of decision makers identified omni-channel experiences as central to quality experiences for their customers – Emplifi
  • When asked about the alignment of their business goals and technology, just over 28% of businesses answered that technology is central to their organization – Accenture
  • Just 6% of insurers have highly sophisticated omnichannel capabilities, delivering a seamless experience for their customers – Gartner
  • Only 33% of insurance companies identify CX as a top business goal, down from 43%, in the wake of the Covid-19 pandemic – Gartner

Related reading: The Future of Insurance: A Forrester Report

Customer Preferences

  • Customers prioritize working with insurers that offer consistently positive experiences; 32% of customers stopped working with a brand after one negative experience – Emplifi
  • 75% of customers want companies to incorporate new technologies to improve their interactions – Salesforce
  • 71% of customers 55 and older wanted to process claims through digital platforms, like voice or chat, instead of in person – Accenture
  • 42% of consumers prioritize a seamless omni-channel experience – Emplifi
  • 50% of customers place a high priority on personalized digital communication with their insurance company while only 17% of insurers do – IBM
  • 69% of customers would share personal data for a lower premium from insurers – Accenture
  • 73% of drivers want pay-as-you-drive insurance, where the less you drive, the less you pay, an increase from 60% in 2018 – Accenture
  • Since the pandemic, 56% of consumers have interacted with insurance companies with a combination of technology and human interaction – Gartner
  • Despite the increase in interest in digital offerings, in-person assistance is still important: 49% of customers still place more trust in a human advisor when filing a claim that an automated service or a chatbot – Accenture
  • 75% of customers want a fast response and resolution for claims during an emergency – Gartner

This post was originally published November 3, 2016 but has been updated.

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