As part of the 2013 Accenture Consumer-Driven Innovation Survey, we interviewed more than 6,100 auto, home and life insurance policyholders to better understand the “switching economy.” As customers grow more demanding, they are also more likely to switch insurance providers—and in 2013, there was an estimated $400 billion up for grabs. Adding to the pressure, consumers are increasingly willing to buy insurance from non-traditional competitors.

Non-traditional competitors should have insurance companies on alert

Customers are prepared to buy insurance from non-insurance companies
Click the image above for a large version of the Insurance Chart of the Week (opens in a new window).

Many insurers have been playing to avoid losing—but given the switching economy and the entrance of non-traditional competitors—it’s time to play to win.

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