A quarter would buy insurance products from technology giants

Nearly a quarter of insurance customers say they would consider buying policies from online service providers, including technology giants, according to research by Accenture.

The study also found that less than a third (29%) customers are satisfied with their current insurance providers. The research of showed that the number of customers who believe that most insurance carriers are the same in terms of their products and services has also jumped to 21% from 14% last year.

“Today's insurance customer is more empowered, more social and has higher expectations of his/her providers,” said John Cusano, senior managing director of Accenture's global insurance practice. “The study data indicates insurers are not keeping up with rising customer expectations, leading to increased customer dissatisfaction with insurance providers. This has created a 'switching economy,' which threatens traditional insurers by giving the advantage to companies most successful at exploiting digital technologies.”

Nearly half (47%) of the survey respondents said they want more online interactions with their insurers. In the past six months, half (49%) of P&C consumers purchased a policy online, with two fifths (41%) using a mobile phone to make the purchase.

While many consumers globally are using online tools to purchase insurance products, only 15% said they are satisfied with their insurers' digital experience.