Less Than Half Of Insurance Customers Trust Insurers To Respond To Basic Needs — Survey

Although the insurance sector has invested nearly $28 billion in customer experience, just 49% of customers feel their insurance provider will be responsive to their basic needs, according to the Customer Compass report, which is a survey by EIS, a core and digital platform provider for insurers.

EIS, in partnership with GlobalWebIndex, surveyed 1,057 insurance customers in the US, the UK, France, and Germany to gain insights into their expectations for customer experience.

The survey suggested that as insurers pivot their business and operational models to respond to the COVID-19 pandemic, those who will thrive will be the ones who are prepared for digitally enabled customer interactions.

Globally, the top three factors for consumers when purchasing insurance were the ability to purchase products and services online (44%), the ability to offer pricing based on individual consumers’ specific needs (42%), and having an easy-to-use mobile app (32%).

EIS said that consumer opinions of insurers’ digital prowess are “astonishingly low.” Just 23% of consumers expected insurers to integrate their experience across mobile, web and in-person channels, and only 19% expected insurers to know them and their preferences following an interaction. That low bar presents an opportunity for digitally savvy insurers to win business by exceeding expectations, EIS said.