Consumers want humanised experiences when navigating insurance industry - Duck Creek
KUALA LUMPUR - Duck Creek Technologies has published its second annual benchmark survey, the 2023 Global Consumer Insurance Insights, revealing strong demand from global consumers for humanised insurance purchasing, switching and communication experiences through digital channels.
In a statement, Duck Creek Chief Product & Technology Officer, Jess Keeney said: "As the insurance industry continues to evolve, it is crucial for providers to listen to the needs and preferences of their customers.
"The 2023 Duck Creek Technologies benchmark survey provides invaluable insights into consumer behaviours and trends, highlighting the areas where insurers can maximise accessibility, accelerate speed to market, and differentiate competitively.” Key findings from the survey include 93 per cent of consumers are confident they have the proper coverage, irrespective of which channel they used to purchase the insurance policy.
Once a policy is in place, 44 per cent of consumers prefer human interaction (2022: 35 per cent). At the same time, however, interest in app/WhatsApp usage for buying and switching insurance also increased year-over-year.
In addition, 46 per cent of global consumers are unaware of embedded insurance. Of those who were aware (37 per cent), almost half said they trust it because of product or retailer quality, while those who do not trust it (26 per cent) find embedded insurance unnecessary and expensive.
The survey reveals significant positives for insurance providers and clearly shows they are getting it right in many areas. However, it also highlights areas where insurers must reflect and improve further, including bolstering global consumer confidence and trust in insurance.
The 2023 wave of research, which is being launched at the Duck Creek Technologies Formation ‘23 event for customers and partners from May 8-10, was conducted independently by Research in Finance for Duck Creek Technologies and surveyed over 2,000 policyholders across 13 countries, all of whom held at least one insurance policy.
Aimed at refining the strategies that bring insurers closer to consumers worldwide, this year’s survey is more extensive than the inaugural 2022 edition, with more questions and responses from policyholders across more countries. - BERNAMA