Stay Evergreen: Opportunities to respond to consumer preferences in the UK
Consumers from the UK and Republic of Ireland are least likely to have interacted with their insurer over the course of a year compared to the global market. Mike Smart, Sales Director, Europe for Duck Creek Technologies explores opportunities to change this.
Results from the Global Consumer Insurance Insights survey – which was conducted independently by Research in Finance and asked 2,000 consumers their view on a range of insurance-related issues – revealed some stark regional differences.
For the UK and Republic of Ireland (ROI) – a key growth market for Duck Creek Technologies and its customers and ecosystem partners – there were some surprising data points:
Consumers buy a lot of insurance
The UK and ROI had some of the highest rates of insurance purchasing across product classes
Consumers buy solo: The UK and ROI was the least common region globally for joint insurance purchasing decision-making
Consumers like to interact online: Respondents from the UK/ROI and USA were most interested in using the Internet to interact with their insurer if they needed to, and didn’t mind using social media to get in touch
Consumers like choice: Respondents from the UK and ROI had one of the highest preferences for using brokers / agents to buy insurance, with this preference exceeding going direct to the carrier for private medical insurance and critical illness cover
Consumer interaction is low: UK and ROI respondents were the least likely to have interacted with their insurance company regardless of product (in the absence of a claim)
There’s a clear opportunity here for insurers to close the interaction and communication gap and create truly compelling, persona-based interactions that anticipate and exceed consumer preferences and expectations, while also satisfying agents and brokers in that market. And modern core systems that are agile, intelligent, and evergreen can allow insurers to move quickly to harness this opportunity.
Here is a prime example of clear scope to interact with a digitally savvy group of consumers in a market where insurance buying rates are high!
Download the Global Consumer Insurance Insights whitepaper to see the full results and analysis.