Insurer-consumer interactions can benefit from becoming more personalized to drive consumer satisfaction. Personalized communications can be delivered through an omnichannel network to get the right information to the consumer at the right time in their channel of choice. And, strategically, this can provide the foundation for new product offerings that can differentiate a company and drive revenue.
Consumers are increasingly focused on protecting their financial security. However, the coverage they seek must be easy to understand and directly linked to the asset they are looking to protect. For instance, 75% of consumers, particularly among younger age groups worldwide, intend to make a change to their finances post-pandemic.11 This trend is one that you should focus on and create options that make sense for consumers.
Global consumer interest in insurance products
want products that pay for hospitalization expenses
look for life insurance features that allow access to funds in case of emergencies
want income protection in case of job loss
Source: EY, "Global EY insurance consumer survey."
Usage-based premium by insurance sector
1 - Property and casualty insurance
Connected homes with more warning signs for potential losses
2 - Auto insurance
Plug-ins for cars to monitor driver behavior
3 - Financial planning
Consumer credit monitoring and spending trackers to create efficient financial planning
11 - EY, “Global insurance outlook report,” ey.com.