The New Customer Experience

To satisfy increasingly sophisticated customer expectations, insurers must first rethink the business from the outside in, replace or modernize their technologies and continuously measure their progress.

April 7, 2014

Chris McMahon

The pressure to offer better customer experiences through technology-driven interactions is mounting. According to a multinational survey by Accenture, a management consulting company, 67 percent of insurance customers now are open to purchasing insurance products from companies other than insurers, and 23 percent would consider buying from online service providers, such as Google and Amazon. As much as $400 billion in insurance premiums could change hands within the industry over the next 12 months, and the top two reasons consumers would switch, Accenture said, are lower prices, cited by 87 percent, and more personalized service, cited by 80 percent.

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