Customers who have filed a claim are twice as likely to switch insurance providers.
The results from the Accenture Claims Customer Survey are promising, with 93 percent of respondents globally saying they are satisfied or very satisfied with their insurance provider. But mere satisfaction may not be enough to guarantee customer loyalty.
- Globally, 30 percent of respondents are likely to switch providers within the next 12 months. But in some countries, customers are more likely to switch: Spain (37 percent), Italy (39 percent), Brazil (47 percent), Turkey (52 percent) and the United Kingdom (54 percent).
- In Italy, Norway, Spain, Turkey and the United Kingdom, more than 90 percent of customers who were dissatisfied with their claims experience plan to switch carriers, or have already.
- In Denmark, Finland and Sweden, customers were less likely to switch providers, even if they had a less-than-satisfactory claims experience.
Most surprisingly, the study reveals that customers who have filed a claim are twice as likely to switch providers, irrespective of whether they had a satisfactory experience or not: 41 percent of claimers, compared to 22 percent of non-claimers. There is clearly an incentive for insurers to prevent claims in the first place—not just because it minimizes losses, but also because it is a powerful trigger for switching.
Next week, I’ll look at what this Accenture study tells us about insurance fraud. In the meantime, I invite you to explore the data with our interactive visualization tool.
- Read our latest thinking on Claims
- View Global claims survey, part 1: Why claims service matters.
- View Global claims survey, part 2: Some customers are more satisfied than others