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. This report shines a light on what consumers want and insurers have an opportunity to respond to this changing demand.
Some of the key findings from the survey 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.
Soon we will provide additional insights based on the survey responses from policy holders based in Australia. In the meantime reach out to our team to learn more about the details of the global survey.
