Duck Creek survey claims demand for human touch in insurance
According to a survey published by Duck Creek Technologies (DCT) there is strong demand from global consumers for humanised insurance purchasing, switching and communication experiences through digital channels.
The 2023 Global Consumer Insurance Insights survey, DCT’s second annual benchmark survey, was conducted independently by Research in Finance for Duck Creek Technologies and surveyed over 2,000 policyholders across 13 countries, all of whom held at least one insurance policy.
Aimed at refining the strategies that bring insurers closer to consumers worldwide, Duck Creek said that this year’s survey is more extensive than the inaugural 2022 edition, with more questions and responses from policyholders across more countries. The survey provides insights for carriers, reflecting consumer preferences and awareness of innovation opportunities, purchasing, and communication methods.
Key findings from the survey include:
93% of consumers are confident they have the proper coverage, irrespective of which channel they used to purchase the insurance policy.
Once a policy is in place, 44% of consumers prefer human interaction, up on the 2022 figure of 35%. At the same time, however, interest in app/WhatsApp usage for buying and switching insurance also increased year-over-year.
46% of global consumers are unaware of embedded insurance. Of those who were aware (37%), almost half said they trust it because of product or retailer quality. Those who do not trust it (26%) find embedded insurance unnecessary and expensive. Those who are unsure (29%) require more information, having had little experience with embedded insurance.
The survey reveals significant positives for insurance providers and clearly shows they are getting it right in many areas. However, it also highlights areas where insurers must reflect and improve further – including bolstering global consumer confidence and trust in insurance.
According to Jess Keeney, chief product & technology officer at Duck Creek, “As the insurance industry continues to evolve, it is crucial for providers to listen to the needs and preferences of their customers. The 2023 Duck Creek Technologies benchmark survey provides invaluable insights into consumer behaviours and trends, highlighting the areas where insurers can maximise accessibility, accelerate speed to market, and differentiate competitively.
“It is encouraging to see that despite the challenging economic environment, people are re-evaluating their insurance needs and considering a wider range of products. Mobile and gadget insurance, travel insurance, and embedded insurance are being purchased more frequently than other types of insurance.”