Spotlight on general insurers

General insurers – Customer experience barometer

As general insurers continue to look for new business models, customer experience is rising up the agenda. Now the focus must shift to improving key attributes.

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Global Head of Insurance

KPMG in the UK

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Spotlight on general insurers

Key findings for general insurers

  • Respondents from the US give their general insurers the highest score (42 percent)
  • Overall, customers believe that their experience has improved over the past year
  • 39 percent of respondents from China said that their experience had improved versus just 14 percent of those from Germany
  • General insurance customers place highest importance on two attributes: value for money and staff engagement
  • Respondents from China were most likely (69 percent) to say that they had recommended their general insurance brand in the past year versus only 27 percent of respondents from Germany
  • General insurers returned below-average results for first point of contact complaint resolution, likely due to the complex and regulated nature of complaints lodged against insurers.
“While the overall score for the general insurance sector does not differ significantly from other sectors, the results will likely be disappointing for many insurance companies.” 

“People often lose sight of what insurance does for them and, therefore, insurers need to consider how they influence their customers’ perception of value,” noted Gary Reader, KPMG’s Global Head of Insurance. “For instance, some insurers are now focusing on loss prevention in addition to paying out when a loss occurs. Helping customers secure their belongings ahead of an impending storm is a good example. As a result, customer value is felt beyond the relatively small group that ultimately makes a claim. A wider community emerges to see their insurers as a ‘force for good’ as opposed to a grudge purchase that only provides a safety net when things go wrong."

Customer experience barometer

KPMG’s Customer Experience Barometer is based on an in-depth survey of 5,000 consumers across five major markets and five key service sectors.

 
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