It’s been a busy year in the insurance industry, and for Accenture. Here’s a recap of some of our key topics.
Why claims service matters
Earlier this year, we released the results of our global claims insurance survey of nearly 8,000 insurance policyholders around the globe. The survey revealed some good news: of those respondents who had filed a claim within the past two years, 86 percent were satisfied with how it was handled. And yet—of the 14 percent who were dissatisfied, 83 percent planned to switch providers, or had already.
In addition, we found that the mere act of filing a claim makes a customer more likely to switch providers, increasing the likelihood from 22 percent to 41 percent. In a switching economy that’s worth an estimated $5.8 billion each year in the US, claims service is key to customer retention—and profitability.
The sharing economy
I don’t think a week has gone by this year without some mention of the sharing economy. While much of the focus has been on regulatory issues, we must also think about the insurance implications of the sharing economy—and where the opportunities lie for first movers.
The Internet of Things
I began this year with a discussion of connected cars, and ended it with Accenture research on telematics. That doesn’t even touch wearables, connected homes or connected businesses—and what insurers will do with the data generated from those sources. To make sense of this data, robust data and analytics capabilities are crucial.
The Insurance Chart of the Week series resumes in January. Until then, have a safe and happy holiday season.