In Accenture’s 2013 Consumer-Driven Innovation Insurance Survey, a majority of consumers in every country surveyed expressed a willingness to purchase insurance online. That being said, the United States (63 percent) and Canada (55 percent) were among the lowest surveyed.
More online purchasing choices
Results from the survey indicate that younger generations are interested in more online and mobile options. Younger customers (ages 18–34) are more interested in mobile services and social media, and more willing to pay for personalized advice.
Younger customers are also more likely to switch insurance providers.
Online and mobile options are not just for younger customers
However, while we look at creating more online and mobile options to engage younger customers, there are two caveats to keep in mind:
- Face-to-face interaction is still important for younger customers. Thirty-two percent of 18–24 year olds want a quote to be delivered in person. This is higher than every other demographic except for those in the 65–74 age range.
- Digital-savvy consumers are not only found in younger demographics. Insurers must keep in mind that digital is growing across all demographics when they create new products, services and marketing strategies aimed at digital users.
In my final post, I will recap the strategies insurance providers can employ in the “switching economy.”
To learn more, download: Accenture 2013 Consumer-Driven Innovation Survey: Playing to Win (PDF, opens in a new window) or take a look at our data visualization tool, which allows you to tailor the survey results by line of business, age and/or country.
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