Changing Customer Expectations

The insurance industry is at an inflection point. It must leadthe digital transformation in delivery of services and new customervalue or it risks leaving the door open to disruption by moredigitally native companies.

A study among 750 US and Canadian auto, home or technologyinsurance customers who filed a claim in the past 12 months*reveals that insurance companies have an opportunity to improvecustomer engagement. Only 51% of people surveyed indicated thatthey are “very satisfied” with their insurance company, withMillennials only 44% indicating they are “very satisfied.” Evenmore worrisome is that only 53% of Millennials are “very likely torenew” and once gone, it may be challenging to get them back.

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