Personal lines property and casualty insurers have every reason to be nervous. Recent research conducted by Accenture indicates that 40% of P&C customers worldwide are at least somewhat likely to switch to a new provider for their auto and home insurance in the next 12 months. These insurers are not delivering what customers want: more relevant, convenient and cost-effective products and experiences.

Insurers are battling to prevent their existing customers from hearing the call of lower premiums and a wide array of new and competing offers. Carriers that take a more aggressive approach–using digital innovation to offer customers better prices or better experiences–can keep their own customers and lure other customers away from competitors. 

Price and value for money are still the key reason for switches among insurance customers, cited as important or very important in switching decisions by 87% and 80%, respectively, of those surveyed. Increasingly, price and value for money are likely to become integrated into how the total customer experience is rated. Innovation will become increasingly important, not only to help insurers keep pace with customer expectations but also to meet the challenge of providing better value for money.