Last year we challenged the industry not to write off growth opportunities in developed markets. This year we challenge the industry to see products and services through the eyes of its customers.
It is all about customers
Insurance is at a crossroads. It faces the impact of new channels, the digital revolution, changes in the regulatory framework and a global economic slowdown. Like other industries, it has seen a fundamental shift in how people consume media, with smartphones changing our lifestyles and expectations, and a blurring of boundaries between on- and off-line.
In short, the industry environment is confusing and full of conflicts. One thing is clear: old ways will no longer work.
Customers are calling for change.
The comprehensive research in this report indicates that a key challenge for the industry is to see the issues of the day through the eyes of its customers. This is the key path to growth for the industry.
- Advice remains a powerful and necessary part of the proposition
- Poor engagement around bundled products results in poor customer perception of value
- Disruptive change will not play out universally across all markets
- Need to ‘share’ brand with customers to combat digital disruption
- Improving customer experience demands shift from Big Data to Smart Data
About this study
This report is based on online interviews with 8,000 insurance consumers across 14 key life
markets with fieldwork conducted in 2015.