Accenture Research
June, 2009
2009 Global Consumer Behavior StudyIndustry resultsLife Insurance
DRAFT
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 22
CRM Research Agenda – Planned and Proposed FY10
2
Changing Cultural Context• Impact of Globalization• Economic Risk/Uncertainty• Disruptive Technologies
Changing Customer Mindset• New Demographics• New Customer Expectations
and Behaviors
New Corporate Imperatives• New Business Imperatives• New Mastery Requirements
for High Performance
CAR Industry Points of View (inc. B2B)Social CRM – Point of View
Global Consumer Segmentation Model (e15)
Customer Experience Simulations (CHESS)
Primary Themes
Secondary Research/
Expert Interviews
*CSO Insights
Survey 2010
CMO Circle Interviews/
Roundtables
Primary Research and
R&D AssetsCustomer Behavior Research
*Co-Sponsored Research
CMO 1x1 Interviews
Proposed/Not Committed
Offe
rin
g G
roup
Search of Secondary Sources for Supporting Evidence/Examples (Synthesis Report)
*CIM Study V2
CMO Pulse Survey
Glo
ba
l Se
rvic
e L
ine
Customer Sat Survey V
Consumers Sales Pulse
Survey(Benelux)
Supporting Subject-Specific Points of View (Marketing, Sales, Service)
High Performance Diagnostic/Benchmarks
Marketing Sales Service
Global Brand/Branding Research
Customer Behavior Research – Industry Views (Gas and Electric Utilities, Wireless, Landline, Cable/Satellite, ISV, Retail Banking, Consumer Electronics Manufacturers, Consumer Goods Retailers)
CAR in the “New Normal” – Point of View
Vis
ion
Customer Sat Survey
V
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
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FY10 CRM Research Agenda –End Consumer Research
3
Global Consumer Satisfaction Research Global Consumer
Behavior Research
Sample
• How consumer service expectations are changing over time; how well companies are meeting these expectations and the potential impact on business performance.
• End-consumers in 10 countries; • Cross-industry scope; some
industry-specific insights
Focus • How current economic conditions are affecting consumer behavior (e.g., loyalty, future purchase, selection)
• End-consumers in 14 Countries• 10 Consumer Industry Segments
Deliverables • Findings Report (ppt)• White Paper• Country-Specific 1 Pagers• Speaker Deck• News Release• Research Microsite• accenture.com presence• Key Word Sponsorship• News Release/Media Outreach
• Findings Report (ppt)• Industry-Specific Reports (ppt)• Select Media Outreach• CAR White Paper
Annual (FY06- FY10)
FY09-Q3Program
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 4
Objectives
The research focused on the following issues:
• How has the economic downturn affected consumer behavior?
• What is the current state of consumer satisfaction, loyalty and advocacy?
• What decisions have consumers made recently about staying with, leaving or adding new providers?
• How do specific aspects of the customer experience affect customer behavior? How well do consumers think their providers are performing in these areas?
• What decisions do consumers plan to make in the near future, and how much influence does price have on these decisions?
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 5
Methodology
• Accenture surveyed more than 5,900 end-consumers in 14 different countries via the Internet in April-May 2009.
• The survey asked respondents to evaluate ten industry sectors; each respondent could evaluate up to four industries. All respondents were decision makers in at least one industry.
• This report presents the findings along a given the industry category of the global sample:
Life Insurance providers = company/ies that provide you with a life insurance or related policy
Note: respondents that use the above providers also for ‘Retail Banking/Financial Services’ are included in the base (N=2478). In the last section, behavior variations for respondents using ‘same’ or ‘different’ providers are analyzed
• When insightful, countries with lower/higher average incidence of behavior are highlighted.
The sample size breakdown is as follows:
* Results represented at country level are based on stated sample size.
Country* N (total) N (industry)*
Australia 323 93
Brazil 329 64
Canada 332 156
China 301 92
France 344 126
Germany 300 114
India 301 132
Italy 331 121
Japan 352 249
Mexico 332 91
Singapore 331 177
Spain 339 227
UK 1026 363
USA 1050 473
TOTAL 5991 2478
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
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Executive Summary
Question Finding
How has the economic downturn affected consumer behavior? How much influence does price have on this?Industry-specific
Nearly half (46%) of the consumers are likely to shop for better deals in this category as a result of current economic context. A fourth (25)% report they are likely to be stay with current providers. Very few are unwilling to give up product quality, product options or customer service quality for lower pricing.
What is the current state of consumer satisfaction, loyalty and advocacy ?Industry-specific
34% of consumers are satisfied with their life insurance providers. Trust, workforce skills and product range are main satisfaction drivers. Almost quarter describe themselves as loyal and just as many recommend to others; yet almost the same number of consumers disagree with this view.
What recent decisions have consumers made when it comes to remaining loyal, leaving or adding new providers? Industry-specific
Globally, 25% of consumers changed their mix of providers over the past 6-12 months: either stopping with current and switching to new provider, or adding new providers to current ones. Average switch behavior is highest in emerging markets. Pricing and value for money are by far the most-often-cited reasons. The stronger impact of advocacy over advertising is confirmed.
What decisions are consumers planning to make in the near future, and what factors will influence these decisions? Industry-specific
Nearly 10% are thinking about buying fewer products or services from their providers. Globally, one-fifth of consumers intend to change their mix of providers in the next 12 months: either stopping with current and switching to new providers, or adding new providers to current ones. Again, average switch behavior is highest in emerging markets and pricing is the most-often-cited reason. Future switch behavior is lower then recent one in most countries. 38% of consumer intending to switch in the future already switched in the past.
Does the fact to use same providers for Life insurance and Banking impact behavior?Industry-specific
14% of consumers used the same provider for Life insurance as well as Retail banking. Globally, using same provider, links to higher satisfaction and advocacy. Switch behavior differs a lot by country.
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Section 1
How has the economic downturn affected consumer behavior?
Industry-specific results
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Summary
• Globally, consumers are more engaged than passive. While 25% believe now is a time to retrench into tried-and-true relationships, twice as many (46%) see this as a time to shop for better deals.
• While this survey revealed significant price-sensitivity, the majority of respondents are also unwilling to trade off product quality, product options or customer service quality for lower pricing.
– Moderate number of consumers (26%) said that they are price sensitive but they would not compromise on anything that they are currently getting.
– Consumers are inclined to trade off frequency of communications for cheaper price.
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 9Base = 2478
Lower average incidence of behaviour
Higher average incidence of behaviour
Country outliers*
Become volatile - Much more likely to shop around for the best deal—even if
it means leaving current provider
Stick to ‘tried & true’ - Now is not the time to
leave the companies I do business with
Stay the same - No real impact on the decisions I make about which
companies to do business with
25%
29%
46% Canada31%
Singapore60%
Australia14%
Japan44%
Italy23%
Germany43%
– Reaction to the current economic situation by consumers –Q 10. Which ONE of the following statements best describes your reaction to the current economic situation?
* Note: For all country outliers, see appendix
Globally, consumers are more engaged than passive. While 25% believe now is a time to retrench into tried-and-true relationships, twice as many (46%) see this as a time to shop for better deals.
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
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26%25%
10%53%
16%41%
5%67%
30%32%
I care about price but I am not willing to give up anything I currently get today—even if it means paying a bit more
I am willing to accept lower frequency of communications if it ensures I get the cheapest price
I am willing to accept lower levels of product quality if it ensures I get the cheapest price
I am willing to accept lower levels of product options if it ensures I get the cheapest price
I am willing to accept lower levels of customer service if it ensures I get the cheapest price
Brazil33%
Mexico 53%
Mexico64%
Germnay68%
Mexico68%
Germany42%
Brazil81%
Mexico12%
Brazil72%
Mexico19%
Agree Disagree Country Outliers*
Disagree Agree
Top 3 boxes:
Higher average incidence of ‘Disagree’
Higher average incidence of ‘Agree’
While this survey revealed significant price-sensitivity, the majority of consumers are unwilling to trade off product quality, product options or customer service quality for lower pricing.
– Role of price in current economic situation –Q 11. How much do you agree or disagree with the following statements?
(Rating scale: 1 = not at all, 10 = strongly)
* Note: For all country outliers, see appendix
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
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Section 2
What is the current state of consumer satisfaction, loyalty and advocacy?
Industry-specific results
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Summary
• Though consumers care about the providers in this category, deep involvement/interest is limited. Almost 30% find the inconvenience of switching to be a disincentive, as many are open to shopping for better deals.
• Only about one-third of global consumers are satisfied with their insurance providers. Only about 25% feel loyal and will recommend providers, and almost as many do not share these opinions at all. Only 20% say they will buy more.
• Globally, more than half of consumers are neutral—neither satisfied nor dissatisfied—with their current Life insurance providers, suggesting room for improvement. Results largely vary by country.
• ‘Trustworthiness’ and ‘Front-line skills’ emerge as the top satisfaction drivers globally among Life insurance providers. ‘Offering range’, ‘Service’ and ‘Ease-of-doing-business’ complete the top five.
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Though consumers care about providers, deep involvement/ interest is limited. Almost 30% perceive inconvenience in switching providers, yet as many are open to shopping for better deals.
Base = 2478
Higher average incidence of ‘Disagree’
Higher average incidence of ‘Agree’
Agree
Country outliers*
Disagree
France25%
India69%
Australia33%
India40%
Germany63%
China64%
UK 59%
India39%
INV
OLV
EM
EN
TP
ER
CE
PT
ION
I know a lot about the providers in this category 22%22%
I care atleast somewhat about this category 49%13%
I have a real interest in/passion for this category 16%39%
Disagree Agree Top 3 boxes:
I consider shopping around for better deals 26%34%
It's too much of a hassle to switch providers 29%30% Spain45%
China,Singapore 40%
Companies are the same in terms of offerings and services 18%30% Germany
48%India29%
– Category involvement and perception –Q1. How much do you agree or disagree with the following statements?
(Rating scale: 1 = strongly disagree, 10 = strongly agree)
* Note: For all country outliers, see appendix
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
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Higher average incidence of ‘Not at all’
Higher average incidence of ‘Extremely’
Feel loyal toward providers 27%25%
Overall satisfaction with providers 34%9%
Country outliers*
Will recommend providers to others 25%21%
Will buy more products and services from providers 20%25%
Mexico18%
France50%
UK40%
India50%
Germany37%
India, Brazil 47%
Germany54%
India39%
Top 3 boxes:
Not at all Extremely Extremely Not at all
Only about one-third of global consumers are satisfied with their insurance providers. Only about 25% feel loyal and will recommend providers, and almost as many do not share these opinions at all. Only 20% say they will buy more.
– Current state of consumer satisfaction, loyalty and advocacy –Q2. Rate the following for companies you do business with today?
(Rating scale: 1 = not at all, 10 = extremely)
* Note: For all country outliers, see appendix
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 15Base = 2478
Dissatisfied (score 1-3)
Neutral (score 4-7)
Satisfied (score 8-10)
Global
10%
18%
8%
9%
14%
8%
8%
12%
11%
8%
9%
5%
6%
70%
36%
45%
42%
73%
71%
66%
62%
58%
59%
57%
54%
46%
44%
21%
46%
47%
48%
14%
20%
26%
26%
26%
30%
35%
37%
49%
50%
16%
China
India
Japan
Italy
Germany
Spain
USA
9% 56% 34%
Mexico
Brazil
Singapore
Australia
UK
Canada
France
Mature markets
Emerging markets
– Current level of satisfaction –Q2. How satisfied are you with the companies you do business with today?
(Rating scale: 1 = not at all, 10 = extremely)
Globally, over half of consumers are neutral—neither satisfied nor dissatisfied—with their current Life insurance providers, suggesting room for improvement. Results largely vary by country.
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Lower average incidence of behaviour
Higher average incidence of behaviour
16%Engaging communications
16%Sustainable business practices
18%Innovation
20%Good value for money
20%Informative communications
21%Competitive pricing
23%High quality products/services
25%Easy to do business with
26%High quality customer service
27%Broad products/services range
28%Skilled workforce aware of needs
32%Trustworthy
Country outliers *Japan19%
India52%
Japan10%
India48%
Japan4%
India37%
Japan5%
India45%
Japan12%
India 39%
Japan7%
India, Brazil 45%
UK6%
India 38%
Japan10%
India40%
Japan11%
India52%
Japan8%
India42%
Japan6%
India38%
Japan3%
India47%
Base = 2478Note: Responses scoring more than 7 have been considered
* Note: For all country outliers, see appendix
– Main drivers of satisfaction –Q3. Please tell us to what degree each of the following describes what you like about the companies you do business with in
these categories today? (Rating scale: 1 = not at all, 10 = extremely)
‘Trustworthiness’ and ‘Front-line skills’ emerge as the top satisfaction drivers globally among Life insurance providers. ‘Offering range’, ‘Service’ and ‘Ease-of-doing-business’ complete the top five.
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Section 3
What decisions have consumers made recently regarding staying with, leaving or adding new providers?
Industry-specific results
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Summary
• Globally, 25% of consumers have changed their provider mix in the past 6-12 months, most often by adding new providers to existing ones (partial switch). Overall, consumers in emerging markets switched more often.
• Consumers who recently switched their business completely were most likely to do so due to ‘Pricing’ and ‘Value for money’ – twice as likely compared to the number-three factor for complete switch (‘Trustworthiness’ of the life insurance provider).
• For customers who added new providers to their current ones—referred to here as a partial switch—‘Recommendations from others’, ‘Past experience’ and ‘Direct marketing’ appeared to have had the most influence over their choice of new providers.
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 19Base = 2478* Complete switch = stopped doing business with a company and switched to other provider * * Partial switch = stayed with companies doing business with and added new providers
– Recent switching behavior (past 6-12 months) –Q7. In the past 6-12 months, please tell us what you have done?
(Please mark Yes/No)
Globally, 25% of consumers have changed their provider mix in the past 6-12 months; mostly by adding new providers to existing ones (partial switch). Consumers in emerging markets switched more often.
- Complete switch* - - Partial switch** - - Total -
25%19%6% Global
16%4% France
14%8% Italy
33%7% Singapore
24%12% Spain
20%6% UK
17%1% USA
16%2% Australia
17%1% Canada
12%4% Germany
4%2% Japan
34%15% India
27%18% Mexico
26%11% China
23%8% Brazil
Mature markets
Emergingmarkets
41%
36%
26%
22%
20%
18%
18%
18%
16%
6%
49%
45%
37%
31%
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
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52%Competitive pricing
41%Good value for money
19%Trustworthy
19%High quality products/services
18%High quality customer service
14%Broad products/services range
11%Informative communications
11%Skilled workforce aware of needs
9%Easy to do business with
9%Engaging communications
5%Innovation
3%Sustainable business practices
Base = 150
– Reasons for recent complete switch (past 6-12 months) –Q8. How much did each of the following reasons contribute to your decision to switch/stop doing business?
(Check up to top three reasons)
Consumers who recently switched their business completely were most likely to do so due to ‘Pricing’ and ‘Value for money’ – twice as likely compared to the number-three factor for complete switch (‘Trustworthiness’ of the life insurance provider).
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For customers who added new providers to their current ones—referred to here as a partial switch—‘Recommendations from others’, ‘Past experience’ and ‘Direct marketing’ appeared to have had the most influence over their choice of new providers.
Base = 477
– Reasons for recent partial switch (past 6-12 months): advertising or company practices factors –Q9. Thinking about the companies you started doing business with in the past 6 - 12 months, which of the following factors
caused you to choose them? (Check all that apply)
12%
14%
19%
19%
30%They were recommended to me by someone I know
I used to use them in the past and decided to try them again
They contacted me with an offer and I decided to give them a try
I was actively looking around and came across information on them
I saw advertising that made me want to give them a try
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Section 4
What decisions are consumers planning to make in the near future, and what factors will influence these decisions?
Industry-specific results
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Copyright © 2009 Accenture All Rights Reserved. 23
Summary
• Consumers expect companies to meet or exceed their expectations for ‘Competitive pricing’, ‘Value for money’ and ‘Trustworthiness’ in order to continue doing business with them during the next 12 months.
• Generally, consumers in mature markets anticipate no change in the level of business they do with their current insurance providers. In emerging markets, 20-50% intend to do more business with their current providers.
• Globally, nearly one-fifth of consumers are thinking of switching during the next 6-12 months, equally split on ‘complete’ and ‘partial’ switch. On average, more consumers plan to switch in emerging markets.
• ‘Pricing’ and ‘Value for money’ are the top reasons why consumers may switch in the future, followed by ‘High quality customer service’.
• Globally, fewer consumers intend to switch—partial and complete switching combined—compared to the recent past (except for Japan, Italy, Australia, Brazil). 40% of these ‘future’ switchers also switched in the recent past.
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Consumers expect companies to meet or exceed their expectations for ‘Competitive pricing’, ‘Value for money’ and ‘Trustworthiness’ in order to continue doing business with them during the next 12 months.
Lower average incidence of behaviour
Higher average incidence of behaviour
Base = 2478
32%Competitive pricing
31%Good value for money
21%Trustworthy
20%Broad products/services range
19%High quality customer service
19%High quality products/services
15%Skilled workforce aware of needs
13%Easy to do business with
9%Informative communications
6%Engaging communications
4%Innovation
4%Sustainable business practices
Singapore26%
Spain41%
Ger/UK14%
Brazil/Singapore
28%
NoneChina14%
Australia10%
Singapore25%
Canada19%
Germany43%
France8%
Brazil28%
NoneChina13%
NoneFrance
22%
Mexico11%
Singapore32%
Australia12%
Japan30%
None None
Italy4%
China16%
Country outliers*
– Expectations –Q4. In which of the following areas do companies need to meet or exceed your expectations in order for you to continue
doing business with them in the next 12 months? (Check up to top three reasons)
* Note: For all country outliers, see appendix
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
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7% 10% 64%
15% 14% 41% 20%
11% 22% 42% 20%
3% 9% 51% 24%
5% 20% 39% 48%
9% 6% 71% 2%
29% 14% 51% 4%
5% 3% 80% 4%
7% 5% 70% 5%
1% 12% 74% 6%
4% 8% 75% 8%
4% 11% 67% 9%
11% 9% 61% 12%
12% 12% 46% 24%
12%
No Less Same More
Global
9% 15% 55% 17%
USA
UK
Spain
Singapore
Japan
Italy
France
Canada
Brazil
India
China
Mexico
Germany
Australia
Mature markets
Emergingmarkets
– Future level of business with current providers (next 6-12 months) –(more/same/less/stop using products/services)
Q5. Over the next 6-12 months, which of the following do you anticipate doing in each category? (Check all that apply)
Generally, consumers in mature markets anticipate no change in the level of business they do with their current insurance providers. In emerging markets, 20-50% intend to do more business with their current providers.
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 26* Complete switch = stop doing business with a company and switch to other provider
** Partial switch = stay with companies doing business with and add new providers
Globally, nearly one-fifth of consumers are thinking of switching during the next 6-12 months, equally split on ‘complete’ and ‘partial’ switch. On average, more consumers plan to switch in emerging markets.
– Future switching behavior (next 6-12 months) –Q5. Over the next 6-12 months, which of the following do you anticipate doing in each category?
(Check all that apply)
17%
15%
15%
7%
13%
7%
8%
6%
6%
5%
18%
9%
8%
14%
10% Global
Spain
Singapore
Japan
France
Germany
India
Mexico
8%
5%
7%
7%
14%
5%
6%
3%
5%
4%
4%
20%
27%
28%
13%
Australia
Italy
UK
USA
Canada
Brazil
China
- Total -
26%
38%
36%
36%
22%
17%
10%
11%
21%
11%
29%
14%
22%
9%
18%
- Complete switch* - - Partial switch** -
Base = 2432(46 invalid responses have been deleted)
Mature markets
Emerging markets
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 27Base = 468
4%
5%
6%
10%
11%
12%
12%
14%
19%
19%
37%
45%Competitive pricing
Good value for money
High quality customer service
Trustworthy
High quality products/services
Broad products/services range
Easy to do business with
Informative communications
Skilled workforce aware of needs
Engaging communications
Innovation
Sustainable business practices
– Reasons for future switch (next 6-12 months) –Q6. Why are you considering switching/stopping business in the next 6-12 months?
(Check up to top three reasons)
‘Pricing’ and ‘Value for money’ are the top reasons why consumers may switch in the future, followed by ‘High quality customer service’.
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38%
47%
33%
45%
18%
18%
20%
17%
21%
6%
39%
36%
26%
18%
25%
36%
36%
38%
26%
23%
10%
11%
9%
22%
14%
21%
22%
17%
11%
18%
China
India
Brazil
Mexico
Australia
Canada
France
Germany
Italy
Japan
Singapore
Spain
UK
USA
Global
– Recent versus future switching behavior comparison (total switch) –Based on comparing combined partial and complete switch rates in Q5 and Q7
- Recent vs. future switching by country - - Past behavior of future switchers -
Mature markets
Emerging markets
Globally, fewer consumers intend to switch—partial and complete switching combined—compared to the recent past (except for Japan, Italy, Australia, Brazil). 40% of these ‘future’ switchers also switched in the recent past.
Recent switch (partial + complete)
Future switch (partial + complete)Base = 2432
(46 invalid responses have been deleted)
Did not switch in the past
62%
Did switch
already in the past
38% *
Base = 441 (future switchers)
* corresponds to 7% of total base (all respondents)
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
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Section 5
How are consumers behaving when they use same/different provider for Life Insurance as well as Banking?
Industry-specific results
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 30Base: Same = 336, Different = 2142
14%
86%
Differentproviders
Sameprovider
– Same or different Life insurance & Retail banking providers –
• Consumers who have the same service provider have a higher level (around 10 basis points) of satisfaction, loyalty and advocacy than those who have different companies for Life insurance and Retail banking.
• For both the consumer groups, there is no significant difference in the top 5 reasons for satisfaction.
• Globally, past switch behavior is very different by country depending on whether consumer as same or different providers; globally – on average – switch rates between both groups are similar
• This is the same for future switching trends,where again large country difference are observed.
Based on questions 1, 2, 3, 5 and 7 for both consumer groups – See also appendix-II for details
14% of consumers used the same provider for Life insurance & Retail banking. Globally, using same provider, links to higher satisfaction, loyalty and advocacy. Switch behavior differs a lot by country.
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Copyright © 2009 Accenture All Rights Reserved. 31
APPENDIX ISelected outlier tables
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Australia Brazil Canada China France Germany India Italy Japan Mexico Singapore Spain UK USA
More conservative - Now is the time to stick to ‘tried and true’
14% 23% 28% 18% 29% 16% 36% 24% 44% 18% 15% 22% 20% 24%
Stay the same - No real impact on the decisions I make about which companies to do business with
31% 34% 40% 25% 40% 43% 29% 23% 24% 31% 25% 32% 23% 30%
Become volatile - Much more likely to shop around for the best deal—even if it means leaving current provider
55% 42% 31% 57% 32% 41% 35% 53% 32% 52% 60% 47% 57% 45%
Lower average incidence of behaviour
Higher average incidence of behaviour
– Reaction to the current economic situation by consumers –Q 10. Which ONE of the following statements best describes your reaction to the current economic situation?
APPENDIX I
Outlier table – Question 10
Base = 2478
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Agree/Disagree Scale
Australia Brazil Canada China France Germany India Italy Japan Mexico Singapore Spain UK USA
Bottom3 (1-3) 57% 72% 50% 55% 64% 46% 65% 53% 38% 66% 45% 66% 52% 48%
Top3 (8-10) 4% 5% 6% 10% 6% 16% 11% 7% 11% 19% 14% 7% 9% 13%
Bottom3 (1-3) 31% 61% 37% 33% 58% 19% 61% 45% 37% 68% 32% 48% 35% 37%
Top3 (8-10) 13% 8% 12% 18% 10% 42% 11% 7% 10% 14% 16% 15% 17% 21%
Bottom3 (1-3) 77% 81% 67% 78% 77% 78% 70% 64% 51% 76% 62% 70% 60% 64%
Top3 (8-10) 3% 3% 3% 5% 2% 4% 11% 2% 4% 12% 7% 3% 4% 7%
Bottom3 (1-3) 34% 48% 30% 16% 44% 10% 48% 19% 28% 64% 24% 40% 25% 34%
Top3 (8-10) 26% 23% 26% 37% 25% 68% 20% 38% 14% 19% 29% 24% 35% 32%
Bottom3 (1-3) 24% 33% 19% 18% 31% 30% 15% 29% 18% 18% 24% 21% 27% 31%
Top3 (8-10) 20% 48% 27% 33% 29% 12% 48% 18% 16% 53% 25% 26% 22% 27%
I care about price but I am not w illing to give up anything I currently get today—even if it means paying a bit more
I am willing to accept lower levels of customer service if it ensures I get the cheapest price
I am willing to accept lower levels of product options if it ensures I get the cheapest price
I am willing to accept lower levels of product quality if it ensures I get the cheapest price
I am willing to accept lower frequency of communications if it ensures I get the cheapest price
Higher average incidence of ‘Disagree’
Higher average incidence of ‘Agree’
APPENDIX I
Outlier table – Question 11
– Role of price in current economic situation –Q 11. How much do you agree or disagree with the following statements?
(Rating scale: 1 = not at all, 10 = strongly)
Base = 2478
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 34
Agree/Disagree Scale
Australia Brazil Canada China France Germany India Italy Japan Mexico Singapore Spain UK USA
Bottom3 (1-3) 47% 50% 54% 59% 44% 37% 69% 47% 41% 56% 65% 41% 42% 49%
Top3 (8-10) 10% 17% 12% 10% 25% 21% 7% 16% 6% 15% 7% 18% 14% 14%
Bottom3 (1-3) 33% 13% 21% 25% 28% 22% 14% 30% 18% 22% 8% 19% 30% 22%
Top3 (8-10) 11% 34% 16% 29% 25% 18% 40% 18% 18% 22% 32% 22% 15% 23%
Bottom3 (1-3) 58% 44% 47% 23% 47% 54% 15% 24% 27% 35% 25% 22% 59% 47%
Top3 (8-10) 6% 20% 9% 28% 15% 12% 39% 21% 13% 16% 23% 22% 4% 14%
Bottom3 (1-3) 37% 11% 49% 10% 49% 63% 18% 28% 20% 13% 20% 24% 38% 48%
Top3 (8-10) 20% 63% 15% 64% 19% 13% 39% 31% 23% 48% 36% 30% 18% 16%
Bottom3 (1-3) 20% 36% 20% 22% 36% 32% 23% 31% 24% 36% 23% 45% 29% 32%
Top3 (8-10) 38% 36% 37% 40% 24% 33% 36% 26% 21% 27% 40% 7% 28% 31%
Bottom3 (1-3) 28% 45% 26% 34% 39% 48% 32% 30% 22% 41% 30% 29% 26% 29%
Top3 (8-10) 18% 22% 20% 23% 15% 4% 29% 22% 12% 20% 15% 15% 15% 23%
It’s too much of a hassle to switch from one provider to another in this category
All the companies in this category are the same in terms of offerings and services
This is a category I don’t care all that much about
I know a lot about the providers in this category
I have a real interest in/passion for this category
I often consider shopping around for better deals in this category
Higher average incidence of ‘Disagree’
Higher average incidence of ‘Agree’
Outlier table – Question 1
APPENDIX I
– Category involvement and perception –Q1. How much do you agree or disagree with the following statements?
(Rating scale: 1 = strongly disagree, 10 = strongly agree)
Base = 2478
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 35
Agree/Disagree Scale
China India Brazil Mexico Australia Canada France Germany Italy Japan Singapore Spain UK USA
Bottom3 (1-3) 16% 8% 17% 16% 23% 15% 15% 37% 17% 36% 16% 17% 31% 18%
Top3 (8-10) 28% 47% 47% 41% 18% 30% 29% 18% 17% 6% 25% 25% 12% 34%
Bottom3 (1-3) 9% 9% 20% 25% 30% 30% 33% 54% 27% 9% 18% 12% 36% 28%
Top3 (8-10) 32% 39% 36% 27% 12% 19% 16% 10% 16% 18% 22% 27% 10% 21%
Bottom3 (1-3) 8% 8% 25% 16% 33% 22% 15% 39% 34% 35% 12% 21% 40% 20%
Top3 (8-10) 27% 50% 44% 44% 16% 29% 49% 16% 12% 6% 31% 35% 16% 34%
Bottom3 (1-3) 10% 8% 9% 18% 12% 9% 6% 16% 8% 14% 8% 8% 11% 5%
Top3 (8-10) 21% 47% 48% 46% 26% 37% 50% 26% 26% 14% 20% 35% 30% 49%
Will recommened providers to others
Will buy more products & services from provders
Feel loyal towards providers
Overall satisfaction with providers
Higher average incidence of ‘Not at all’
Higher average incidence of ‘Extremely’
Outlier table – Question 2
APPENDIX I
– Current state of consumer satisfaction, loyalty and advocacy –Q2. Rate the following for companies you do business with today?
(Rating scale: 1 = not at all, 10 = extremely)
Base = 2478
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 36
Lower average incidence of behaviour
Higher average incidence of behaviour
Australia Brazil Canada China France Germany India Italy Japan Mexico Singapore Spain UK USA
Competitive Pricing Top3 (8-10) 13% 34% 23% 25% 20% 18% 45% 12% 5% 25% 19% 22% 16% 28%
Good value for money Top3 (8-10) 14% 39% 22% 22% 18% 18% 47% 14% 3% 30% 14% 17% 13% 27%
Broad product/services range Top3 (8-10) 12% 50% 29% 40% 26% 24% 52% 17% 11% 34% 34% 26% 18% 32%
High quality products/services Top3 (8-10) 17% 41% 21% 28% 17% 21% 42% 21% 8% 38% 24% 20% 14% 33%
Easy to do business w ith Top3 (8-10) 15% 45% 31% 28% 26% 23% 45% 16% 7% 35% 29% 26% 16% 34%
High-quality customer service Top3 (8-10) 16% 31% 29% 34% 25% 28% 48% 19% 10% 40% 27% 25% 14% 36%
Skilled workforce aware of needs Top3 (8-10) 16% 38% 37% 30% 34% 23% 39% 19% 12% 37% 29% 29% 17% 37%
Informative communications Top3 (8-10) 12% 39% 21% 15% 27% 19% 40% 17% 10% 27% 21% 17% 12% 25%
Engaging communications Top3 (8-10) 8% 28% 17% 20% 12% 13% 38% 10% 10% 23% 19% 15% 6% 20%
Trustworthy Top3 (8-10) 25% 47% 36% 26% 39% 26% 52% 23% 19% 43% 26% 31% 25% 41%
Innovation Top3 (8-10) 8% 34% 21% 28% 21% 18% 37% 17% 4% 27% 18% 14% 9% 22%
Sustainable business practices Top3 (8-10) 8% 33% 16% 24% 11% 9% 38% 12% 6% 33% 16% 17% 7% 18%
Outlier table – Question 3
APPENDIX I
– Main drivers of satisfaction –Q3. Please tell us to what degree each of the following describes what you like about the companies you do business with in
these categories today? (Rating scale: 1 = not at all, 10 = extremely)
Base = 2478
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 37
Australia Brazil Canada China France Germany India Italy Japan Mexico Singapore Spain UK USA
Competitive Pricing 50% 40% 100% 40% 0% 0% 45% 40% 80% 50% 62% 61% 68% 57%
Good value for money 0% 80% 100% 30% 0% 20% 45% 40% 40% 25% 46% 46% 41% 57%
Broad product/services range 0% 20% 0% 20% 0% 0% 20% 10% 0% 13% 31% 14% 14% 0%
High quality products/services 50% 20% 50% 40% 0% 0% 15% 20% 20% 19% 8% 25% 14% 14%
Easy to do business with 0% 0% 0% 20% 20% 0% 20% 20% 20% 13% 0% 0% 9% 0%
High-quality customer service 0% 20% 0% 30% 20% 20% 20% 40% 0% 38% 8% 11% 14% 0%
Skilled workforce aware of needs
0% 20% 0% 20% 20% 20% 5% 0% 20% 13% 15% 14% 5% 0%
Informative communications 0% 0% 0% 0% 0% 0% 15% 20% 20% 13% 31% 7% 14% 0%
Engaging communications 0% 0% 0% 0% 0% 0% 15% 10% 0% 13% 15% 11% 9% 0%
Trustworthy 0% 40% 0% 30% 40% 0% 10% 10% 20% 38% 15% 25% 9% 0%
Innovation 0% 0% 0% 10% 0% 0% 15% 0% 0% 6% 0% 7% 0% 0%
Sustainable business practices 0% 0% 0% 0% 0% 0% 10% 10% 0% 6% 0% 0% 0% 0%
Lower average incidence of behaviour
Higher average incidence of behaviour
APPENDIX I
Outlier table – Question 8
– Reasons for recent complete switch (past 6-12 months) –Q8. How much did each of the following reasons contribute to your decision to switch/stop doing business?
(Check up to top three reasons)
Base = 150
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 38
Outlier table – Question 9
APPENDIX I
– Reasons for recent partial switch (past 6-12 months): advertising or company practices factors –Q9. Thinking about the companies you started doing business with in the past 6 - 12 months, which of the following factors
caused you to choose them? (Check all that apply)
Australia Brazil Canada China France Germany India Italy Japan Mexico Singapore Spain UK USA
They were recommended to me by someone I know
7% 40% 23% 42% 15% 21% 56% 35% 10% 40% 51% 29% 17% 19%
I used to use them in the past and decided to try them again
47% 20% 23% 25% 25% 21% 24% 24% 0% 24% 24% 5% 11% 19%
They contacted me w ith an offer and I decided to give them a try
7% 27% 12% 17% 15% 14% 38% 24% 20% 20% 29% 24% 4% 15%
I was actively looking around and came across information on them
0% 7% 4% 25% 5% 7% 31% 6% 40% 20% 20% 9% 18% 5%
I saw advertising that made me want to give them a try
7% 0% 4% 4% 0% 14% 22% 18% 40% 20% 17% 5% 13% 10%
Lower average incidence of behaviour
Higher average incidence of behaviour
Base = 477
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 39
Australia Brazil Canada China France Germany India Italy Japan Mexico Singapore Spain UK USA
Competitive Pricing 33% 27% 27% 35% 27% 28% 34% 38% 33% 34% 26% 41% 31% 29%
Good value for money 30% 31% 19% 25% 35% 43% 42% 34% 27% 31% 30% 36% 31% 29%
Broad product/services range 23% 28% 19% 21% 23% 14% 24% 22% 22% 20% 28% 19% 14% 16%
High quality products/services 12% 22% 13% 23% 13% 25% 20% 24% 30% 14% 20% 19% 16% 15%
Easy to do business w ith 13% 14% 11% 10% 22% 9% 13% 13% 10% 13% 18% 14% 14% 13%
High-quality customer service 20% 28% 17% 22% 8% 19% 21% 27% 17% 25% 27% 23% 18% 15%
Skilled workforce aware of needs
10% 16% 14% 11% 21% 17% 13% 21% 15% 18% 25% 17% 12% 11%
Informative communications 5% 14% 8% 16% 10% 10% 11% 4% 11% 8% 11% 13% 9% 6%
Engaging communications 4% 9% 4% 14% 2% 4% 8% 7% 8% 12% 7% 7% 2% 3%
Trustworthy 26% 13% 17% 21% 27% 21% 21% 28% 24% 11% 32% 15% 18% 21%
Innovation 1% 9% 4% 13% 4% 3% 6% 2% 2% 4% 5% 6% 1% 2%
Sustainable business practices
5% 8% 3% 4% 2% 4% 5% 7% 2% 9% 1% 7% 3% 4%
Lower average incidence of behaviour
Higher average incidence of behaviour
Outlier table – Question 4
APPENDIX I
– Expectations –Q4. In which of the following areas do companies need to meet or exceed your expectations in order for you to continue
doing business with them in the next 12 months? (Check up to top three reasons)
Base = 2478
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 40
Outlier table – Question 6
APPENDIX I
– Reasons for future switch (next 6-12 months) –Q6. Why are you considering switching/stopping business in the next 6-12 months?
(Check up to top three reasons)
Australia Brazil Canada China France Germany India Italy Japan Mexico Singapore Spain UK USA
Competitive Pricing 42% 45% 42% 58% 36% 13% 48% 45% 50% 48% 49% 65% 44% 44%
Good Value for the money 42% 55% 21% 42% 32% 28% 41% 30% 45% 34% 38% 37% 38% 35%
High-quality customer service 4% 14% 16% 8% 23% 5% 28% 18% 23% 45% 22% 22% 18% 18%
Trustworthy 13% 9% 26% 17% 27% 13% 17% 18% 14% 21% 30% 17% 21% 16%
High quality products/services 13% 27% 0% 17% 23% 10% 17% 18% 27% 17% 11% 17% 10% 8%
Broad products/services range 8% 23% 16% 8% 5% 3% 21% 21% 9% 10% 16% 17% 6% 11%
Easy to do business with 29% 9% 26% 8% 18% 3% 10% 9% 9% 17% 8% 7% 10% 13%
Informative communications 4% 14% 16% 8% 14% 3% 10% 12% 9% 14% 11% 15% 13% 10%
Skilled workforce aware of needs 4% 5% 16% 42% 18% 5% 10% 12% 5% 10% 11% 13% 3% 10%
Engaging Communications 13% 9% 11% 0% 14% 3% 14% 3% 0% 3% 5% 4% 6% 8%
Innovation 0% 14% 5% 0% 0% 3% 14% 12% 5% 3% 3% 0% 1% 8%
Sustainable business practices 4% 23% 11% 0% 5% 0% 17% 6% 0% 0% 5% 2% 3% 0%
Lower average incidence of behaviour
Higher average incidence of behaviour
Base = 468
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 41
APPENDIX IISame/different provider analysis
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 42Base: Same = 336, Different = 2142
14%
86%
Differentproviders
Sameprovider
• Consumers who have the same service provider have a higher level (around 10 basis points) of satisfaction, loyalty and advocacy than those who have different companies for Life insurance and Retail banking.
• For both the consumer groups, there is no significant difference in the top 5 reasons for satisfaction.
• Globally, past switch behavior is very different by country depending on whether consumer as same or different providers; globally – on average – switch rates between both groups are similar
• This is the same for future switching trends,where again large country difference are observed.
Based on questions 1, 2, 3, 5 and 7 for both consumer groups – See also appendix-II for details
– Same or different Life insurance & Retail banking providers –
14% of consumers used the same provider for Life insurance & Retail banking. Globally, using same provider, links to higher satisfaction, loyalty and advocacy. Switch behavior differs a lot by country.
APPENDIX II
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 43
Involvement is lower for consumers using different providers with 41% saying that they do not have a real interest for this category.
Copyright © 2009 Accenture All Rights Reserved.
Same providerDifferent providerBase: Same = 336, Different = 2142
28%19%
21%22%
I know a lot about the providers in this category
15% 52%
13% 48%I care atleast somewhat about this category
22%28%
15%41%
I have a real interest in/passion for this category
30%28%
25%35%I consider shopping around for better deals
27%32%
29%29%It's too much of a hassle to switch providers
17%35%
18%30%
Companies are the same in terms of offerings and services
INV
OLV
EM
EN
TP
ER
CE
PT
ION
Disagree Agree Top 3 boxes:
APPENDIX II
– Category involvement and perception –Q1. How much do you agree or disagree with the following statements?
(Rating scale: 1 = strongly disagree, 10 = strongly agree)
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 44Same providerDifferent providerBase: Same = 336, Different = 2142
26%26%
39%17%
33%9%
41%10%
19%25%
28%21%Will buy more products and services from providers
23%23%
37%14%Will recommend providers
to others
Overall satisfaction with providers
Feel loyal toward providers
Top 3 boxes:
Not at all Extremely
Consumers using the same provider have higher level of satisfaction, loyalty & advocacy than those who use different providers for Life insurance and Retail banking.
APPENDIX II
– Current state of consumer satisfaction, loyalty and advocacy –Q2. Rate the following for companies you do business with today?
(Rating scale: 1 = not at all, 10 = extremely)
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 45
Comparatively, consumers using the same provider for Life insurance and Retail banking are more satisfied than consumers using different providers.
Base: Same = 336, Different = 2142
APPENDIX II
– Current level of satisfaction –Q2. How satisfied are you with the companies you do business with today?
(Rating scale: 1 = not at all, 10 = extremely)
Dissatisfied (score 1-3)
Neutral (score 4-7)
Satisfied (score 8-10)
SAME PROVIDER DIFFERENT PROVIDER
36% 64% China
11% 33% 55% India
14% 27% 59% Brazil
18% 41% 41% Mexico
14% 57% 28% Australia
10% 53% 37% Canada
6% 55% 38% France
64% 36% Germany
4% 52% 43% Italy
15% 67% 18% Japan
7% 71% 21% Singapore
13% 54% 32% Spain
18% 44% 38% UK
4% 34% 62% USA
Mat
ure
mar
kets
Em
erg
ing
m
arke
ts
18%
8%
7%
11%
14%
9%
12%
7%
17%
9%
10%
6%
9%
5%
35%
46%
50%
74%
73%
71%
63%
58%
57%
54%
60%
37%
69%
47%
47%
46%
43%
15%
13%
20%
26%
35%
25%
37%
29%
57%
21%
48%
10% 49% 41% Global 9% 57% 33%
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 46
– Main drivers of satisfaction –
Same providerDifferent provider
‘Trustworthiness’, ‘Skilled workforce’ and ‘Ease-of-doing-business’ emerged as the key reasons that drove satisfaction in consumers of both kinds in this category.
Base: Same = 336, Different = 2142
31%42%
Trustworthy
26%40%
Skilled workforce aware of needs
24%37%
Easy to do business with
25%36%
Broad products/services range
25%35%
High quality customer service
18%32%
Informative communications
16%31%
Innovation
22%31%
High quality products/services
20%29%
Competitive pricing
14%28%
Engaging communications
19%28%
Good value for money
14%27%
Sustainable business practices
APPENDIX II
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 47Same provider Different providerCopyright © 2009 Accenture All Rights Reserved.
Globally, consumers having the same service provider have switched more in the past 6-12 months in majority of the countries.
Base: Same = 336, Different = 2142
- Recent complete switch - - Recent partial switch - - Same Total - - Different Total -
19%
26%
28%
33%
4%
18%
16%
14%
20%
12%
14%
15%
24%
33%
32%
27%
24%
44%
4%
10%
14%
13%
12%
18%
19%
32%
27%
36%
21%
Brazil
China
Mexico
India
Japan
Canada
Australia
Italy
UK
Germany
France
USA
Spain
Singapore
Global
12%
11%
16%
15%
2%
2%
2%
9%
6%
5%
4%
1%
13%
7%
6%
0%
9%
24%
22%
4%
0%
0%
4%
6%
0%
4%
2%
11%
7%
6%
Mature markets
Emergingmarkets
10%20%
45%
7%
18%
14%
23%
26%
17%
19%
36%
17%
23%
18%
43%40%
38%
34%
18%
17%
6%
67%48%
47%
36%37%
32%31%
27%25%
19%
APPENDIX II
Accenture Research2009 Global Consumer Behavior Study - Life Insurance providers
Copyright © 2009 Accenture All Rights Reserved. 48Same providerBase: Same = 333, Different = 2099
(46 invalid responses have been deleted)
APPENDIX II
29%
13%
20%
26%
8%
6%
3%
6%
3%
6%
2%
4%
14%
3%
8%
18%
12%
20%
38%
0%
7%
9%
2%
7%
9%
18%
9%
14%
29%
9%
China
Mexico
Brazil
India
Spain
Japan
USA
France
Canada
Italy
Germany
UK
Singapore
Australia
Global
- Future complete switch - - Future partial switch - - Same Total - - Different Total -
-9%
-14%
-18%
-9%
-16%
-7%
-8%
-3%
-6%
-16%
-6%
-13%
-6%
-17%
-10%
0%
-12%
-20%
-13%
-14%
-7%
-6%
-13%
-10%
-9%
0%
-12%
-14%
-14%
-11%
17%
17%
15%
21%
29%
15%
18%
15%
43%
14%
50%
40%
18%
24%
20%
23%
9%
14%
17%
20%
9%
8%
11%
21%
24%
35%
38%
38%
27%
18%
The future trends for switching are in line with the past behaviour where customers with the same provider are more likely to switch with Italy, Spain, Mexico and China being the only exceptions.
Different provider
Mature markets
Emergingmarkets
0%
0%