Myth vs reality: The expectation gap in the UK insurance industry

The insurance industry is evolving. As methods of distribution and customer contact continue to change the linear relationship of consumer to direct sales force or broker has fragmented. The customer journey now encompasses those traditional methods but also price comparison websites, direct online, social media engagement, telephone as well as access across a number of devices including phone, tablet and PC.

Nearly three quarters of insurance purchases now involve price comparison websites (73%) and this is having a significant impact on how insurance products are distributed and how their benefits are espoused to customers. The market has changed and with it customer’s expectations are changing too.

It is all too easy to assume that insurers are falling behind when it comes to this technological wave and change in consumer habits. While this might be true to some extent, there are also a number of inherent strengths that traditional insurers possess that must, and can, be built on to ensure they remain relevant in today’s digital world.

This whitepaper is based on interviews with 1000 people across the UK to understand their views on the current state of the industry.

Topics covered:
• How customer expectations have changed.
• Whether customer expectations are currently being met.
• Policyholder’s relationship with their own insurers.
• Areas where insurers must seek to improve.
• Whether traditional strengths and advantages endure for insurers and where future opportunities exist.