SAN FRANCISCO and LONDON, Nov. 17, 2020 (GLOBE NEWSWIRE) -- EIS, a core and digital platform provider for insurers, today announced the findings of its first-ever Customer Compass Report. The report found that, despite the insurance sector investing nearly $28 billion on customer experience, less than half of global respondents (49%) feel their insurance provider will be responsive to their basic needs. 

EIS, in partnership with GlobalWebIndex, surveyed 1,057 consumers who own insurance policies in the U.S., the UK, France and Germany, to generate insights into new expectations for customer experience found within the global insurance industry.

As insurers rapidly pivot their business and operational models in response to the global pandemic, those who will thrive in the New Normal will be the insurers who are prepared for digitally-enabled customer interactions. Globally, the top three most important factors for consumers when purchasing an insurance policy are: the ability to purchase products and services online (44%); secondly, the ability to offer dynamic pricing based on the individual consumer’s specific needs (42%); and, thirdly, having an easy-to-use mobile app (32%). 

When it comes to digital prowess, consumer opinions of insurers are astonishingly low – only 23% of consumers expect insurers to integrate their experience across mobile, web and in-person channels, while only 19% expect insurers will know them and their preferences following an interaction. This dynamic presents a terrific near-term opportunity for digitally-savvy insurers to exceed expectations and win business.

The data also shows insurers should be focused on how they can provide technology that empowers consumers to manage their financial lives. This sentiment was strongest in the UK, where 72% of respondents want to own and manage their financial lives digitally, compared to 65% and 63% for the U.S. and France respectively.

“Customer expectations outpacing insurer capabilities is the clarion call from our Customer Compass report,” said Anthony Grosso, Head of Global Marketing at EIS. “Getting user experience and personalization right across all digital channels is essential for insurers to meet consumer’s expectations for today’s digital lifestyle.”

“However, insurers who can rapidly re-architect their IT infrastructure to simplify the customer journey, create products that better meet lifestyle and life cycle needs can become the one-stop shop consumers crave,” Grosso added. “These insurers will build consumer confidence and grow their business within emerging consumer ecosystems.” 

Three key findings of the report bear this out:

• Opportunity to own the customer lifecycle – There is a 36% gap between consumers who currently use one company for all their insurance needs, and those who would be happy to do so. This is a huge market opportunity being driven by access to new technology and modern pricing models. While 44% of consumers in France currently purchase all their insurance from a single provider, the gap is most pronounced in the UK where only 12% of consumers do the same, yet 60% are comfortable buying from a single provider.
  
  
• Subscription and usage-based insurance provide control consumers want – The subscription business model has permeated how consumers access more and more products and services, and they want insurance to follow suit. 66% of those surveyed said they don't like being tied into annual contracts, preferring to pay monthly, with the option to cancel at any time. The appeal is clear: for consumers, it is a simple, hassle-free offer; for insurers, it is recurring, predictable revenue which can enhance customer loyalty. This desire for control also extends to consumers being only charged based on how often they use services. UK consumers want this level of control the most at 67%, followed by the U.S. at 65% and France at 59%.
  
  
• The power of bundling – The advent of open platforms and connected devices is also enabling innovative packaging of insurance and non-insurance products to drive revenue. For example, 55% of consumers were interested in a housing bundle including home insurance, financing, essential home repairs and all home utilities. UK and U.S. consumers showed more interest, at 51%, than French consumers, at 37%.
  

Download the Customer Compass Report

About EIS

EIS is an insurance software company that enables leading insurers to innovate and operate like a tech company: fast, simple, agile. Founded in 2008, EIS provides a platform for high-velocity insurance. This open, flexible platform of core and digital solutions liberates insurers to accelerate innovation, launch products faster, deliver new revenue channels, and create insurance experiences the world will love. And with thousands of APIs, the platform gives insurers the freedom to connect to a vast ecosystem of insurtech and emerging technologies. Headquartered in San Francisco, EIS powers premium growth for P&C and Life insurance companies worldwide. For more information on how EIS helps insurers become unbeatably fast at everything they do, visit EISGroup.com.

UK Media contact:
Hotwire for EIS
Ed Stevenson/Banke Koledoye
eisgroupcomms@hotwireglobal.com
0207 608 4622

U.S. Media Contact:
Liam Collopy
Harden Communications Partners
LCollopy@Hardenpartners.com
415.517.9760