Insurance Customer Market Pulse Survey 2021

Copyright © 2021-2022 Accenture. All rights reserved. 1
Customer MPS 2021 for insurance Customer MPS 2021 for insurance
Sophistication simplified,
perfectly personalized
2021 Insurance Customer
Market Pulse Survey

Customer MPS 2021 for insurance
Customer
expectations have
changed during the
pandemic
3 observations highlight this changing behavior
of insurance customers
1
Customers are
growing less satisfied
with their insurer
2
Customers consider value-
for-money more important
compared to pre-covid
3
Customers are
looking for product
simplicity

3 observations in customer expectations & behavior
#1
Customers are growing
less satisfied with their
insurer
Net Promoter Scores (NPS) general insurance market
-9 19
-100 100
NPS Industry Average 2021
NPS Industry Average 2019 (Pre-covid)

▪ Not receiving enough pro-active communication
▪ Unsatisfaction about digital capabilities
50%
52%
57%
65%
51%
68%
68%
72%
53%
50%
65%
62%
47%
48%
50%
64%
Proactive
communication
Promotions and
low prices
Digital
Capabilities
Price vs quality
Satisfaction scores per topic
Intermediary Bancassurance Direct Market
The digital capabilities fail
to convince customers,
especially the intermediary
channel falls behind the
most.
Why are customers
less satisfied?

Customers are increasingly price sensitive when dealing with their
insurer in the light of the covid-19 pandemic.
#2
Customers consider value-
for-money more important
compared to pre-covid
56%
Overall
dissatisfaction 32% #1 49%
I prefer to have my full
insurance product portfolio
at one insurer
Insufficient
promotions 27% #2 45%
The price/quality ratio
doesn’t meet my
expectations (in terms of
products or service level)
Insufficient
price/quality 26% #3 42%
Bad claims experience
(speed of claims intake &
payout)
← Pre-covid (2019) Covid (2021) →
of the respondents felt they
were not charged a honest
price for their insurance
products during Covid-19

#3
Customers are looking
for product simplicity
My insurance products are…
41%
of the respondents claim that
their insurance products are
not understandable and will
need to be simplified in order
to understand them
50%
58%
65%
Well explained on different…
Easy to understand myself
Well explained by my…
Customers don't understand
the insurance products
proposed to them

How can insurers deal with this?
Combining 2 approaches to build a meaningful, relevant and
seamless customer experience
Sophistication
simplified
Perfectly
personalized
Customising products and
channels to the needs, key
moments and preferred
interaction of the customer to
become more relevant
Cutting out complexity as much as
possible make products meaningful
and channels seamless
Bundling products and services
can add up to the convenience
(seamless) and relevance
1 2

Making complex products
intelligible to customers
1. Sophistication simplified
2 approaches to deal with declining customer satisfaction
1
Product
Focus on the essence of a product
by simplifying it. With simplified
products, insurers can unlock
untapped opportunities by investing
in new distribution models like a
price comparison website
2
Portfolio
Bundling products helps customers
save time and money – there is a
cross-selling opportunity.
3
Communications
Better explaining products in an
understandable language being
transparent on ESG (Environmental,
Social, Governance) factors.

1
Product
Focus on the essence of a
product by simplifying it.
With simplified products,
insurer can unlock untapped
opportunities by investing in
new distribution models like
a price comparison website.
Customers are looking for:
70%
Comparing different
insurance product
offers on a comparison
website
72%
Getting more info
before purchasing a
product
72%
Getting the best price
& save money

2
Portfolio
Bundling products helps
customers save time and
money – there is a cross-
selling opportunity.
49%
of the respondents
would like to have
their full portfolio at
one insurer

3
Communications
Better explaining products in
an understandable language
being transparent on ESG
(Environmental, Social,
Governance) factors
52%
of the respondents
don't know if their
pension savings are
invested in ESG

2. Perfectly personalized
Products are only relevant if they are
tailored to the customer.
2 approaches to deal with declining customer satisfaction
Customer needs Key moments
Better anticipate to the moments
customers might need advice and
products like Health Insurance and
Life Insurance (esp. business
owners / independents)
Seamless interaction
There is a gap for more automated
and less personal channels
especially for the less emotionally
sensitive touchpoints
Offer relevant beyond
insurance* services for different
age groups: customers are willing
to pay but are not always served
* mainly mobility services like car
breakdown service, but there is a
growing interest in home and
cyber services

Customer needs
Offer relevant beyond insurance services for different age groups: customers are willing to pay
(especially the <55y) but are not always served.
30%
23%
25%
18%
15%
9%
Would pay for Would switch for
Home Services
29%
24%
26%
18%
21%
10%
Mobility Services
29%
24%
25%
18%
20%
11%
Cyber Services
Younger than 34y 35-54y +55y

Key moments
35%
of the respondents
postponed some of their
medical checks because
of Covid
33%
of the respondents
indicated their mental
health deteriorated
during Covid
Better anticipate to the moments of truth of a customer by
providing advice for Health Insurance and Life Insurance.

69%
58%
49%
35%
46%
41%
60%
46%
71%
67% 70%
63%
53%
40%
57% 54%
29%
40%
49%
63%
51%
57%
38%
52%
26%
30% 29%
35%
45%
57%
41% 44%
(Semi-)automated
interactiions
Human-to-human
interactions
Asking advice
& info
Update
personal info
Follow up a
claim
Request
quote
Negotiate
price
Purchase
product
File a claim Terminate
contract
Non-emotional touchpoints Emotional touchpoints
11%
14%
5%
14%
4%
7%
13%
3%
Used channel Preferred channel Delta
Seamless interaction
Self-service
(app/website),
Paper Mail, E-
Mail, Social
Media, Chat
Video / phone
call, Physical
meeting
Insurers need to grasp the opportunity of steering the channel usage in the desired direction. Current channel usage vs
preference indicates opportunity gap for more automated and less personal channels, especially for the less emotionally
sensitive touchpoints

Sophistication
simplified, perfectly
personalized
Insurers who want to put a smile on the face of
their customers should behave like an extra-
ordinary private tutor. They bring clarity to a
world of complexity and they do this
according to their individual customer's
needs.

How do you simplify & personalize
your portfolio?
Get more indepth insights
Contact us
Kim Criel
Strategy & Consulting Insurance
Senior Manager
Ellen Bogaert
Customer Sales & Services
Senior Manager
Nicolas Pireaux
Managing Director
Kirsten Baets
Consultant

Insurance Customer Market Pulse Survey 2021

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Similar to Insurance Customer Market Pulse Survey 2021

Similar to Insurance Customer Market Pulse Survey 2021 (20)

More from Accenture BeLux

More from Accenture BeLux (17)

Recently uploaded

Recently uploaded (20)

Insurance Customer Market Pulse Survey 2021