insurance-survey

Article

The future of home and motor insurance

What do customers want?

Which features and characteristics of home and motor insurance are most attractive to customers? Deloitte surveyed over 8,000 customers from seven countries across the globe. The results give a clear indication of what customers want, also in light of COVID-19 shifting their needs.

This question has been high in the minds of executives in recent years. Now, the ongoing social and economic consequences of COVID-19 have led many customers to question the value they are receiving from their insurance product. In turn, this is increasing customers’ focus on the product’s offering and flexibility.

To explore demand for different types of product and service, Deloitte surveyed over 8,000 respondents from eight countries (UK, US, Italy, China, Japan, Australia, Germany and Canada). With people now living and working in different ways due to the COVID-19 pandemic, many customers are now considering the value and flexibility of insurance products in terms of changing circumstances and needs. Our assessment reshines a light on what consumers want and insurers have an opportunity to respond to this changing demand. We present these findings in two reports:

The future of home and motor insurance

View the Deloitte Insight
  1. Our global comparative Insight summary
  2. Our analysis on how local insurers can position themselves for future customer preferences

Some of the key findings include:

  • Customers favour “simple flexibility” – they want flexible products that are easy to understand, purchase and use; 
  • Younger generations in particular are interested in new product models, many of which aren’t widely offered by insurers;
  • Customers do not feel comfortable sharing data from car and home sensors with insurers; and,
  • The COVID-19 pandemic is increasing demand for adjustable cover and pushing people towards transacting via online channels.

Most customers want simplicity and are very familiar, and comfortable, with traditional products. Insurers need to keep new products simple and demonstrate their value clearly to customers.

Perspectives from Australia

Download the report

More than ever insurers need to be clear on their priority customers and outcomes (e.g. acquisition, retention, customer satisfaction etc.) in order to effectively balance design choices on product, distribution, service and data.

Published: November 2020

  • Contact us
  • Submit RFP
  • Our solutions

    Progress your business growth and development

    Take a look at the products and services we offer.

    Financial Services

    Our Australian financial services team of more than 500 practitioners has extensive experience in the banking and securities, insurance and wealth management sectors.

    Technology Implementation

    From strategy through to implementation, we help our clients solve complex business enterprise issues by combining process and industry knowledge with deep expertise in enabling technologies and packaged software.

    Customer

    We help clients create and drive transformational change in customer, marketing and pricing strategies and capabilities that drive business growth, forge profitable consumer and customer relationships, and drive competitive advantage.

  • Our latest reports and thought leadership
Did you find this useful?