Are you with your current business insurance policy? Are you planning to switch to another insurer? According to new research by Accenture, the answer to both can quite easily be “yes”.
Accenture’s latest findings suggest that being satisfied with a claim and playing the insurance market for the best deal are not mutually exclusive.
From Accenture’s research of 8,000 insurance customers in 14 countries, almost nine out of 10 respondents (86 per cent) said they were satisfied with the outcome of a claim they made in the past two years. Despite this, 41 per cent of these participants said they would consider switching to another insurer within the next 12 months.
The number of unsatisfied insurance consumers was, not surprisingly, even more weighted towards change.
A significant 14 per cent of respondents said they were dissatisfied after making a claim in the past two years, with 83 per cent of them planning to take their business to another insurance company.
This represents around half of all insurance consumers in Accenture’s study planning to leave their current insurance provider in the next 12 months – or having done so already.
Managing Director at Accenture’s Insurance Industry practice Michael Costonis said the results lay down the challenge for insurers to improve.
“While a customer who is dissatisfied with the way his or her claim was handled is almost certain to defect, a satisfied customer will not necessarily remain loyal,” he explained.
“The survey results clearly show that delivering average claims satisfaction levels is not enough. The bar has been raised and in order to clear it, insurers need to provide a differentiated claims experience that not only delivers on service but maintains the appropriate financial discipline as well.”
To compare business insurance rates and options, contact one of MGA’s regional offices online or over the phone.