Consumers Willing to Buy Insurance from Banks, Google, Amazon

Tuesday, 11 February 2014 07:35

More than two thirds of customers would consider purchasing home, auto and life insurance from businesses other than insurers, according to Accenture’s “Customer Driven Innovation Insurance Customer Study,” with 23% of customers open to purchasing from online service providers like Google or Amazon.

The 6,000 survey respondents, who could select multiple choices, said they also would buy insurance from banks (43%), home service providers such as telecommunication or home security companies (20%), retailers (14%) and car dealers (12%).

Lower prices and more personalized service are the top reasons for consumers to switch to a new insurer, the survey reports, and customers between the ages of 18 to 34 are most likely to switch insurance providers. Personalization is a key driver to retaining existing clients and attracting new ones.

Accenture estimates that up to $400 billion in insurance premiums for the home/auto/life segments could change hands within the insurance industry during the next 12 months.

“The switching economy represents a huge opportunity for many insurers to gain market share,” said Michael Lyman, global managing director for managing consulting within Accenture’s insurance industry practice.

Click through the slides to learn three key details from the survey about young insurance customers, personal data revelations and the mobile channel.