When choosing insurers, consumers value ability to rapidly resolve problems, Accenture survey says
The ability to resolve problems quickly is the top consideration for consumers in choosing an insurance provider, according to a survey conducted in the United States and Canada by consulting firm Accenture.
In the Accenture survey, 68 percent of the more than 2,500 respondents cited fast resolution of problems as the No. 1 factor. In second place was the ability of an insurer to offer products and services that meet consumers’ needs (67 percent).
Other important factors in picking an insurance provider were:
• Competitive prices (65 percent).
• Price transparency (63 percent).
Fifty-five percent of the U.S. and Canadian consumers surveyed said they’d be interested in using websites that offer quote comparisons from various insurers. For 25- to 34-year-old consumers, that figure climbed to 75 percent.
Twenty-one percent of survey respondents said they use or would consider using social media to do research on insurance companies. For consumers under age 34, that number was 36 percent.
“With the rise of Internet usage, new purchasing behaviors have emerged that insurers cannot ignore,” said Erik Sandquist, a senior executive in Accenture’s insurance practice.
“Before buying, more and more consumers perform their own research online, compare options and seek recommendations from others, using social media sites or referral sources. This is very common in sectors like travel and electronics, but our survey demonstrates that insurers should expect similar purchasing behaviors from their customers.”
Among other key findings of the Accenture survey:
• Twenty-one percent of consumers are looking at switching to a new insurance provider the next time they buy or renew a policy.
• Twenty-three percent of consumers are willing to pay a premium for personalized advice or assistance when buying insurance policies.