With only twenty-nine percent of insurance consumers saying they are satisfied with their providers, we know the insurance industry needs a massive revamp. As companies continue to develop more personal, digital relationships with consumers, insurance carriers and brokers need to follow suit. This article contains Accenture’s Strategy Report titled “Capturing the Insurance Customer of Tomorrow,” a very informative read about the steps insurance companies must take to get up to speed.
“Today’s insurance customer is more empowered, more social and has higher expectations of his/her providers,” said John Cusano, senior managing director of Accenture’s global Insurance practice. “The study data indicates insurers are not keeping up with rising customer expectations, leading to increased customer dissatisfaction with insurance providers. This has created a ‘switching economy,’ which threatens traditional insurers by giving the advantage to companies most successful at exploiting digital technologies.”