EIS Customer Compass Report Finds Less than Half of Consumers Trust Insurers to Respond to Their Basic Needs
SAN FRANCISCO and LONDON, Nov. 17, 2020 (GLOBE NEWSWIRE) -- EIS, a core and digital platform provider for insurers, today announced the findings of its first-ever Customer Compass Report. The report found that, despite the insurance sector investing nearly $28 billion on customer experience, less than half of global respondents (49%) feel their insurance provider will be responsive to their basic needs.
EIS, in partnership with GlobalWebIndex, surveyed 1,057 consumers who own insurance policies in the U.S., the UK, France and Germany, to generate insights into new expectations for customer experience found within the global insurance industry.
As insurers rapidly pivot their business and operational models in response to the global pandemic, those who will thrive in the New Normal will be the insurers who are prepared for digitally-enabled customer interactions. Globally, the top three most important factors for consumers when purchasing an insurance policy are: the ability to purchase products and services online (44%); secondly, the ability to offer dynamic pricing based on the individual consumer’s specific needs (42%); and, thirdly, having an easy-to-use mobile app (32%).
When it comes to digital prowess, consumer opinions of insurers are astonishingly low – only 23% of consumers expect insurers to integrate their experience across mobile, web and in-person channels, while only 19% expect insurers will know them and their preferences following an interaction. This dynamic presents a terrific near-term opportunity for digitally-savvy insurers to exceed expectations and win business.
The data also shows insurers should be focused on how they can provide technology that empowers consumers to manage their financial lives. This sentiment was strongest in the UK, where 72% of respondents want to own and manage their financial lives digitally, compared to 65% and 63% for the U.S. and France respectively.
“Customer expectations outpacing insurer capabilities is the clarion call from our Customer Compas report,” said Anthony Grosso, Head of Global Marketing at EIS. “Getting user experience and personalization right across all digital channels is essential for insurers to meet consumer’s expectations for today’s digital lifestyle.”
“However, insurers who can rapidly re-architect their IT infrastructure to simplify the customer journey, create products that better meet lifestyle and life cycle needs can become the one-stop shop consumers crave,” Grosso added. “These insurers will build consumer confidence and grow their business within emerging consumer ecosystems.”
Three key findings of the report bear this out:
EIS is an insurance software company that enables leading insurers to innovate and operate like a tech company: fast, simple, agile. Founded in 2008, EIS provides a platform for high-velocity insurance. This open, flexible platform of core and digital solutions liberates insurers to accelerate innovation, launch products faster, deliver new revenue channels, and create insurance experiences the world will love. And with thousands of APIs, the platform gives insurers the freedom to connect to a vast ecosystem of insurtech and emerging technologies. Headquartered in San Francisco, EIS powers premium growth for P&C and Life insurance companies worldwide. For more information on how EIS helps insurers become unbeatably fast at everything they do, visit EISGroup.com.
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