I really like research because it helps to confirm one’s observations of the market, which tend to be based on one’s own experiences. There’s also the chance that it challenges one’s preconceptions and opens a totally new insight, and with it a new chain of thought.
The reason, I suppose, that Accenture spends so much annually on research.
As you might imagine, these reflections are prompted by the publication of some really interesting new research recently published by Accenture. Called the Customer-Driven Innovation Survey, this research looks at insurance from the customer point of view—and thus it strongly suggests the areas in which carriers should be innovating to keep their customers happy. It surveyed more than 6,000 users of auto, home or life insurance across 11 countries.
The first thing we noticed was that a huge majority (72 percent) of respondents were due to renew an existing policy or buy a new one in the next 12 months. Insurance generally is not a high-touch industry, and so these types of event typically act as a prompt for change. Even more noteworthy: almost half of the respondents are contemplating a switch of providers within the same time frame.
All these results confirmed the view that insurance customers are becoming restless and ready for change—a view I’ve held for quite a while. Even more startling: parallel research confirmed that this this trend of consumer dissatisfaction and incipient change is a cross-sector phenomenon.
Next time, read more about this trend and our attempts to quantify the “switching economy” for the insurance sector.