Consumers across the globe desire humanized experiences when navigating the insurance industry, claims the second edition of the Global Consumer Insurance Insights survey from Duck Creek Technologies.
This second wave of research 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.
According to the findings, Once a policy is in place, 44% of consumers prefer human interaction, which marked an increase of 9% from 2022.
At the same time, however, interest in app/WhatsApp usage for buying and switching insurance also increased year-over-year.
Meanwhile, 93% of consumers are confident they have the proper coverage, irrespective of which channel they used to purchase the insurance policy.
On the topic of embedded insurance, Duck Creek’s survey found that 46% of global consumers are unaware of what it actually is.
Of those who were aware (37%), almost half said they trust it because of product or retailer quality.
Those who do not trust it (26%) find embedded insurance unnecessary and expensive, while those who are unsure (29%) require more information, having had little experience with embedded insurance.
Duck Creek said that research reveals “significant positives” for insurance providers and clearly shows “they are getting it right” in many areas.
However, the firm also noted that the survey highlights areas where insurers must reflect and improve further – including bolstering global consumer confidence and trust in insurance.
Jess Keeney, Chief Product & Technology Officer at Duck Creek, “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 behaviors and trends, highlighting the areas where insurers can maximize accessibility, accelerate speed to market, and differentiate competitively.”
Keeney continued, “It is encouraging to see that despite the challenging economic environment, people are re-evaluating their insurance needs and considering a wider range of products. Mobile and gadget insurance, travel insurance, and embedded insurance are being purchased more frequently than other types of insurance.
“Duck Creek’s 2023 survey is a vital resource for insurance providers, offering unique insights into customer perceptions and highlighting the next opportunities for innovation. We urge providers to delve deeply into the results and continue pushing the frontiers of the insurance industry forward.”
Research in Finance Head of Research, Karen Scott, said, “In the insurance industry, listening to consumers is essential for success.
“As the Global Consumer Insurance Insights Survey 2023 demonstrates, primary research capturing changing behaviors, user feedback, and satisfaction is invaluable to help inform insurance company strategies, new product development, marketing, and communications plans.
“Insurers now have access to significant data sets to compare year-on-year, creating a true benchmark series of reports we are proud to support. Ultimately, insurers who prioritize listening to and understanding their consumers will come out on top.”
