ey global consumer insurance survey 2014

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Learn more and review full report at ey.com/insurance/GCIS2014

The EY Global Consumer Insurance Survey 2014Objective: Uncover and deliver insights into current consumer preferences and attitudes about their relationships with insurance providers.

24,000 people

30 countries

50 questions

Product types – primarily life and non-lifeConsumers of independent brokers, dedicated agents, direct from insurers, employers, banksFour geographic regions


The survey incorporated:

Americas

Asia-Pacific

EMEIA Japan

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The EY Global Consumer Insurance Survey 2014

Key

Finding1 High turnover and low trust signal

serious relationship issues.

Supermarkets Banks Carmanufacturers

Online shoppingsites

Insurancecompanies

Pharmaceuticalcompanies

84% 82% 80% 78% 68% 70%

Insurers are not as trusted as other types of businesses


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Key

Finding2 Just because they leave you doesn’t

mean they don’t love you.

Good news: insurers havemany advocates

66% Customers likely or very likely to recommend their insurance provider to friends or relatives.

Bad news: advocates often leaveCustomers willing to recommend their insurance provider who have closed policies in last 18 months.

38%

The relationship can go on even if policies are lost“Alumni” customers who leave may have future value$


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Key

Finding3 Insurers have so few interactions with

their customers that each one becomes a critical moment of truth.

44%Customers who have had no interactions with their insurers in the last 18 months

70%Customers experiencing moments of truth who report a positive outcome

Engagement = Opportunity


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Key

Finding4 Consumers want more frequent,

meaningful and personalized communications.

Customers who want to hear from their insurers at least semi-annually

57%Customers who currently hear from their insurers at least semi-annually

47%Ready to hear from you

Only 14% of customers are very satisfied with current communications


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Key

Finding5

As consumers embrace digital, insurers must rethink their distribution strategies and partner relationships.

80%

Consumers willing to use digital and remote channel options for different tasks and transactions.

Phone Video

Online

ChatEmail


ey global consumer insurance survey 2014

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