Tabs

Bank Insurance Agency Management
Community Banks and Insurance
Compliance and Risk Management
Wealth Management
Insurance Product Marketing
Advocacy

Monday, February 10, 2014

Accenture Survey: Banks Most Popular Alternative Location to Purchase Insurance

According to a survey by Accenture of more than 6,000 insurance customers in 11 countries, consumers are increasingly likely to purchase insurance from "organizations other than insurers".

From the Accenture Press Release:
"Forty-three percent of respondents, who could select multiple responses, said they would consider buying insurance from banks, almost one-quarter (23 percent) from online service providers, 20 percent from home service providers, such as telecommunication or home security companies, 14 percent from retailers and 12 percent from car dealers.

The research shows that loyalty in insurance is a key issue, with 40 percent of consumers likely to switch to another automobile or home insurance provider over the next 12 months. In the life insurance market, one-quarter (25 percent) of respondents said they were likely to cancel an existing contract and more than one-third (35 percent) said they were likely to take out a new contract with a new provider in the next 12 months.

Lower prices and more personalized service are the top reasons for consumers to switch to a new insurer, cited as important or very important in switching decisions by 87 percent and 80 percent, respectively, of the insurance customers surveyed. Forty-one percent of respondents said they were willing to pay more to get personalized advice when purchasing their insurance."
Learn more about this survey from Accenture