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Global study examines customer satisfaction of insurance policies

Posted On Fri, July 22, 2011

A global study conducted by the U.K.-based Accenture surveyed 7,000 people from 13 different countries, including the United States, about their satisfaction levels with their insurance providers.

Eighty-four percent of the surveyed group reported being satisfied overall with their insurance providers, but disparities emerged in more specific areas. For instance, 62 percent of respondents stated that clear and easily understandable information on their specific policies provided by their insurers is vital, but less than a third of those surveyed stated that they were satisfied with their insurers' attempts at providing the information.

"This gap suggests that consumers have low expectations rather than that they are delighted with the experience they receive," global managing director of Accenture's Analystics group for financial services, Edwin van der Ouderaa said. "But this means there is an opportunity for insurers to differentiate themselves and gain market share by leveraging analytics to assess which products and services are working best and which need to be changed to deliver a better customer experience."

While shopping for a new policy, customers need to balance potential cheap insurance rates with the actual coverage offered. Taking customer reviews of the insurer in question into consideration and comparing various quotes side-by-side can help shoppers determine which provider to go with.

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