Insurance companies: price and simplicity come first | KPMG | CZ

Insurance companies: price and simplicity come first

Insurance companies: price and simplicity come first

Fair and transparent, not trying to hide anything. Functions well on-line. Offers simple and straightforward products with clear insurance conditions. And, primarily, cheap. For young people, price is the main criterion when choosing an insurance company, according to the survey that looked for what today’s students and graduates expect from Czech insurance companies.

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Director, Risk Consulting

KPMG in Czech Republic

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Three quarters of respondents have at least one insurance, more than half have accident insurance or life assurance. This rather high number is partly due to the fact that the respondents are either financially literate people who often have just started working for firms offering insurance as a benefit, or that the insurance has been arranged by their parents.

When choosing an insurance company, these young professionals mostly use comparison websites and the internet in general. A chaotic and confusing system of insurance products and the limited possibility to do everything over the internet are considered the biggest obstacles. Young adults would instead be happy to have personal access to an on-line interface where they could choose and manage their products.

Regarding social networks, the same applies as for banks: Facebook et al. are not places where young people would like to discuss insurance products. In a rating of communication tools between insurance companies and their clients, social networks ended up at the very end.

The survey shows:

75% of young people have at least one insurance
product.

57% have life assurance.

66% of respondents use the internet and comparison websites in particular when shopping for insurance.

70% of young people stated price as the most important factor when choosing an insurance.

45% of respondents would prefer to communicate with their insurance company via a policyholder portal (similar to internet banking).

© 2017 KPMG Baltics OÜ, an Estonian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.

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