47% of Gen Z policyholders willing to share home smart device data with insurers
Digitalization, hyper-personalization, and “value-for-money” identified as key industry priorities in insurance survey from Capco
NEW YORK, September 20, 2021 – Consumer appetite in the U.S. for digital access and functionality from their insurance providers presents an opportunity for insurers to improve customer engagement and drive better outcomes. In addition, helping consumers find more “value-for-money” with their policies can be an effective cross-selling opportunity to help insurance companies boost brand awareness, enhance retention levels, and drive repeat business.
Capco, a global technology and digital consultancy, surveyed just over 2,000 U.S. consumers to gauge their impressions of insurance products and providers to capture public attitudes toward consumer insurance, the key products and services used, and emerging trends. The results form part of a larger survey of some 14,000 consumers across 13 markets globally.
Four key themes emerge from a preliminary top-line analysis of the U.S. survey findings:
1. Strong demand for apps across all generations outside of Baby Boomers.
2. Opportunity to achieve greater personalization via the exchange of personal data.
3. ‘Value-for-money’ top decision-making factor for buying insurance.
4. Maintaining/boosting trust key to growing and maintain customer relationships.
Ernst Renner, Partner & US Head of Insurance at Capco, said:
“The power of digitalization has increased the demand for immediate satisfaction. Consumers don’t want to submit information and wait for a decision or provide a call-back number for a customer representative to get back to them; they want the answers right away so online systems (websites or apps) and call center operators must be enabled with the information for immediate responses. While the pandemic pushed many insurers to make strides in how they digitally engage with customers, our research shows that there’s still plenty of work to be done.”
Capco is a global technology and management consultancy specializing in driving digital transformation in the financial services industry. With a growing client portfolio comprising of over 100 global organizations, Capco operates at the intersection of business and technology by combining innovative thinking with unrivalled industry knowledge to fast-track digital initiatives for banking and payments, capital markets, wealth and asset management, insurance, and the energy sector. Capco’s cutting-edge ingenuity is brought to life through its Innovation Labs, and award-winning Be Yourself At Work culture and diverse talent. To learn more, visit www.capco.com or follow us on Twitter, Facebook, YouTube, LinkedIn Instagram, and Xing.
The survey was conducted online in April and May 2021 and collected responses from 2002 U.S. individuals and a total of 13,798 respondents globally. The markets surveyed were the UK, US, Canada, Brazil, Germany, Austria, Switzerland, Belgium, Hong Kong, China, Singapore, Thailand and Malaysia. Country representative quotas were followed. Survey respondents were drawn from six age demographics: 18-24, 25-34, 35-44, 45-54, 55-64, and 65+. 49% of respondents identified as male, 50% identified as female, and 1% identified as other.