Study

Customer Experience in the Insurance Industry 2017

The competition for hybrid customers is fierce: Insurers, automotive manufacturers, technology groups, the fintech sector – all battling for customers’ attention and to gain control over the customer interface. The intensity of competition in the insurance industry is greater than ever before. Digitization is bringing new market players to the fore, and these players are offering innovative solutions that increase the competition for customer interfaces. Established insurers therefore run the risk of losing control over the customer interface, and becoming purely product providers who can be replaced quickly and easily. Insurers need to start thinking outside the box, to once more put customers at the center of their operations.

In collaboration with the forsa market research institute, management consultancy experts at Horváth & Partners have surveyed more than 1,000 insurance customers on their experiences along the customer journey. The aim of the “Customer Experience in the Insurance Industry 2017” study was to find out how far insurers have succeeded in creating positive experiences at their touchpoints, to encourage customer loyalty, and what measures can be taken to strengthen this even further.

The study identified six factors which hold the key to creating positive experiences on the customer journey. Overview of some of the key results:

  • 80% of customers were not asked about their personal state of health in the event of a claim
  • 45% of customers are asked for information which has already been provided, and they therefore have the impression that the insurer’s data utilization does not add value
  • 75% do not receive a quote offering anything beyond their actual needs. Cross-selling potential is therefore not exploited
  • 69% of customers still prefer personal contact for an initial consultation
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