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Customers Purchasing Insurances from Online Service Providers

Joseph Coupal - Wednesday, April 02, 2014

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.

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.

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