Digital nomads looking for quality: how insurance clients change

New buying habits, new expectations and more technology. A survey by Accenture on the Global Insurance Consumer sharpens the challenge that companies are facing. “The key to compete is innovation,” says Daniele Presutti, Accenture Senior Managing Director

Published on 18 Oct 2016

Digital nomads, Value explorer, Quality Seekers: are the three types of customers which insurance carriers should address to, according to Accenture.

The consulting corporation, through its Accenture Global Insurance Consumer Survey, analyzes the purchasing behavior of customers globally on a panel of more than 30,000 respondents, and discovered that the insurance customer can be divided into three specific profiles:

“Digital Nomads”, represent the largest group, 40%, are on average younger, predominantly Millennials (38% Generation Y, 22 to 34; 40% Genation X, between 35 and 50; 16% Baby Boomer, between 51 and 64). The group is the most confident with the technology, mainly are millennials and therefore feel ready for the complete and ultimate transition to online only, and would have no hesitation in accepting the advice of a robo-advisor.

“Value Explorer” (24%), represented by consumers more “senior” on average (29% Baby Boomers, aged between 51 and 64; 8% Senior, aged over 65; 23% Generation Y, aged 22 to 34) with on average a lower income. They use digital tools mainly for finding a suitable quality/price ratio, which is considered the first choice factor, although they consider important the relationship with the insurer (about 67% of the cluster)

“Quality Seeker”, accounting for 36%, consider the quality of service the dominant value (45% binds quality of the service to the confidence with the insurance company), and prove to be “available” to the use of new technologies, but only if the latter are able to guarantee a better experience, faster and/or more convenient.

It is clear, albeit with different degrees of digitization, that the insurance customer is now linked to technological innovation and the trend is definitely oriented to the increase in the use of such technologies, also thanks to different pressures in this direction, which, according to Accenture are for example:

Insurtech, namely the emergence of insurance startups, whose value has tripled globally from approximately 0.8 billion in 2014 to about 2.7 billion in 2015, denoting a growth rate higher than the total investment in Fintech (from 12.7 billion in 2014, to 22.3 billion in 2015);

Intelligence automation: 90% of Italian insurance executives believes that artificial intelligence will be integrated into every aspect of the business to ensure a reduction in costs, increase operational efficiency and mainly innovate and create new business models;

Platform economy: 94% of respondents consider the “platform-based” organization (ie based on partnerships with an external ecosystem) as the basis for new opportunities for growthand change in the way of doing business

“Insurance companies are facing the many challenges of an increasingly complex and dynamic market. In this context, the key to successfully compete in future scenarios is the technological innovation to transform the value chain and optimize customer relations. – said Daniele Presutti, Accenture Senior Managing Director and Insurance Manager, during the Insurance Day 2016 – This change is already under way, as proved by the fact that last year, investment in Insurtech, namely in the technology applied to the insurance industry, has tripled worldwide, rising from 800 million to 2.7 billion. The one led by digital is a transformation that needs to be enriched and supplemented with an equal organizational evolution. ”

Globally Accenture follows with interest the growth of insurtech startup: in London, for example, with an acceleration Fintech program that lasts 12 months, the FinTech Innovation Lab London, that for the 2016-2017 edition has been extended with a team dedicated to the insurance startup support. We discussed about it in this article.

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