Only 15% of our UK survey respondents currently use just one insurance provider for all their needs, despite 71% of those polled holding multiple policies. As insurers seek to identify and convert cross-selling opportunities and raise levels of customer stickiness, they should note that most consumers are well-disposed to sharing additional personal data and also favour more personalised products. Tailored products and services, offered at the right time and through the right channels, present a clear route to greater engagement and growth – but to make an impact they must draw on strong data, technology and delivery capabilities.
“For insurers, trust is everything. To build and cement that trust in the long term, they need to ensure they are not only set up to understand their customers and their needs, but can also service those needs at the right time and through the right channels. UK consumers are increasingly comfortable with digitalisation and, as our survey highlights, are at once interested in more individually tailored products and services and prepared to share more information about themselves to achieve that enhanced personalisation, among other benefits. To this end, insurers have a range of powerful levers at their disposal to harness these positive sentiments, including core tech modernisation, omnichannel experiences, cloud and AI, and – above all – innovative approaches to capturing, managing and applying data enabled by modern data platforms in the most impactful fashion."
Matt Hutchins, UK & Global Insurance Lead
METHODOLOGY
Interviews were conducted in Belgium, Brasil, Canada, Greater Bay Area (ex Hong Kong), Germany, Hong Kong, Italy, Malaysia, Poland, Singapore, Switzerland, Thailand, USA and the UK during February and March 2023. Respondents were aged between 18 and 65 years. This was a quantitative study conducted using diverse sampling methodology (social & ad networks). Country representative quotas (location, age and gender) were applied.
