The 2011 Accenture Consumer-Driven Innovation Insurance Survey studied consumer expectations of insurance products and services. Respondents were asked about how they felt about innovation in insurance distribution, specifically channel distribution, social networking and personalization.
The survey shows that opportunities abound, but innovation is vital.
A global study
The 2011 Accenture Consumer-Driven Innovation Insurance Survey was conducted among 7,010 insurance policy holders in 13 countries. Eight countries were mature markets, while the remaining five were emerging markets.
Some of the study’s key findings include:
- There is little differentiation among insurers, paving a path for carriers to use consumer-driven innovation to create a competitive edge.
- Advanced analytics will be paramount for insurers to meet customer expectations for personalized products, services and interaction.
- Insurers must develop mobile capabilities.
- To attract and retain customers, especially younger ones, insurers need to invest in next-generation distribution channels and capabilities.
- Consumers in emerging markets are more interested in innovative products and services than those in mature markets.
In the search for growth, insurers must also look to emerging markets. Low insurer loyalty in emerging markets creates natural opportunities for insurers who are prepared to do business. The key for success in emerging markets is to develop a thorough understanding of the customer base and quirks of the market. It will be critical to develop innovative, personalized products that reach the target market through preferred channels.