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A powerful business value for personal insurance services




Research shows that 80 percent of consumers are willing to share their data for personal services, lower prices and faster claims processing.

With the ever-expanding expansion of digital experiences, personal insurance services have become a necessity rather than a "nice to have." This shift has been driven in part by innovative offerings in other sectors of giants such as Google, Apple, Facebook and Amazon (often referred to as GAFA), as well as companies that include the sharing economy, such as Uber. 19659003] Our research backs this up. In our latest Accenture Global Distribution and Marketing Consumer Study 2018, we saw the trends toward hyper-related relevance, great convenience, and industry reliability. The highlights included the following.

Insurance Customers Want Intelligent Personalized Services, Offers and Warnings

The majority of respondents reported being interested in personal pricing strategies tailored to their behavior, such as insurance premiums linked to safe driving or healthy lifestyles. Interest in behavior-based pricing was highest among 25-44-year-olds.

Most consumers (80 percent) are between "something" and "very willing" to share their data with a number of benefits, including lower prices, more relevant, customized offers and alerts, and faster demand processing. This has increased since 201

7, when only 57 per cent were willing to share data with their insurance companies as opposed to new benefits. Respondents aged 18-34 were most willing to share their lifestyle data.

Consumers value the person in personalization

Research shows that customers are happy to access product information and conduct standard transactions through online channels, but prefer to talk to a personal adviser for more complex transactions, such as making an insurance claim. Although this applies to all age groups, I was surprised that 18-24 year olds are a little more likely to prefer contact for these activities than older customers.

Despite three quarters of respondents saying they are happy with the personal service they receive, they were also open to other ways to access this one-on-one service. Almost half of the interviewees said they would be interested in remote contact, for example via internet-enabled chat or video. This contributes well to a move towards artificial intelligence (AI) – where personal services are costly and difficult to scale, enabling AI to offer personal engagement on a scale. This is especially true for simpler transactions, where it can release and support agents to deliver higher quality services where it is most important.

Adaptation is a priority

Although there is a clear consumer wash and a strong business case for very personal products and services, and some insurance companies are already on board, there is room for improvement. Customers cry out for personal, real-time, digital or mobile services, and forward-looking insurers can see the value of these types of services to reduce costs, limit customer switching, and improve customer retention and loyalty. For insurers who are still sitting on the fence, the time to act is now.

In my next post, we look at how GDPR affects the insurers when they collect customer data.


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