New survey affirms consumer desire for frictionless experience, personalized products.
NEW YORK, Jan. 30, 2024 — INSTANDA, the global provider of no-code insurance platform technology, today released its report, Re-imagining the Digital Insurance Landscape: 10 Years from Now, with new survey data defining what consumers want from a new digital insurance landscape. A simpler claims process, the ability to make policy changes on their own, and the availability of more personalized products topped consumers’ wish lists.
The report, which included survey data from thousands of US and UK consumers collected in December 2023, explores and analyzes survey findings with an eye toward the future of the insurance. It includes insights from 40 industry experts based around the world representing companies such as Microsoft, EY, Deloitte, Swiss Re and leading analysts including Celent. Analyzing the report’s findings these experts, along with many other industry representatives and INSTANDA executives, examine how best to harness technology to remove friction in the value chain and improve perceptions of the industry.
“Our survey and report confirm the friction between the customer and insurer across the value chain we’ve seen in the marketplace,” said Tim Hardcastle, CEO and co-founder of INSTANDA. Our report demonstrates how embracing change, innovation and collaboration with insurtechs can help our industry overcome these problems and position insurance for future growth.”
Key findings of the survey signaling a need for a more customer centric approach to insurance via digitalization include:
- A predominantly neutral or negative perception of insurance (only 46% of US respondents and 33% of UK respondents reported feeling positive toward insurance)
- Top identified frustrations by consumers with the insurance process:
Thought leaders in the report warn insurers could be left behind if they fail to implement a more customer-centric approach to insurance and advocated for the industry to consider a non-core strategy in technology partnerships. This approach builds dynamic ecosystems, connecting specialized technologies to distinct segments of the insurance value chain. Opting for non-core fosters flexibility, agility, and innovation, offering advantages over a rigid, one-size-fits-all approach.
“There needs to be a shift within the industry as a whole to accept that it is ok to meet business demands with non-core technology,” Deloitte Canada Senior Advisor Debbie Wilson said in the report.
Among other topics, thought leaders explored:
“Our report reiterates the impetus for the industry to continue to keep pace with changing customer expectations and needs,” said Hardcastle. “The industry must adopt a new mindset – welcome new partnerships and invest in modern technologies, not allowing themselves to be hampered by decades old systems”
For access to the full report, please click here.