Meeting European Consumer Digital Expectations: Considerations for Insurers

by Nicolas Michellod, February 23, 2017
Industry Trends


Analyst Perspective: While it is important that insurers are curious about new data gathering options and emerging technologies such as robo advisors, chat bots, artificial intelligence, and others, we think they should not rush to implement these new technologies. On the other hand, we think that it is crucial they try to anticipate how these technologies might impact their traditional model and identify the value they can generate not only for their customers but also for their core business (underwriting results).

Celent has released a new report titled Meeting European Consumer Digital Expecations: Considerations for Insurers. The report was written by Nicolas Michellod, a Senior Analyst with Celent's Insurance practice.

Celent surveyed consumers to understand their expectations about their digital interactions with insurers, their willingness to share data with them and also their level of adoption of smart technologies. This report details the finding of this survey with focus on Europe.

European consumers have high expectations for digital interactions, and the most digital savvy are clamouring to see insurers provide more intuitive self-service interactions going forward.

European consumers do not want to waste their time when looking for information and require instant understanding of the interaction interface offered by insurers. The main reason for sharing data with insurers is to obtain a premium discount. European consumers have a high appetite and curiosity for bots and robo advice. and insurers should grasp the opportunity to investigate how they can invest in these technologies to generate higher value in customer interactions.

“The growing demand from consumers, the need to collect new types of data to satisfy this demand. and the emergence of new technologies in relation to customer interactions allowing for more automation and intuitive communication force insurers to adapt their customers’ touch-points,”  Michellod commented.

“We think insurers need to consider new approaches to collect consumer and customer data and use smart technologies to improve the way they digitally communicate,” he added.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
Tel: +1 212 345 1366

Europe (London)
Chris Williams
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary



Key Research Questions


Report Methodology



About the Survey



Digital Savviness



Survey Participants


Consumers’ Digital Expectations



Digital Transactions



Simple Transaction Preferences



Complex Transaction Preferences



User Experience Expectations


Sharing Data with Insurers



Approaches to Collect Private Consumer Data



Use of Social Media Data



Data Collected and Managed by Insurers


Smart Technology Adoption



Experience Using Smart Technologies



Expectations When Using Smart Technologies



Comparing Insurance with Other Industries


Final Thoughts



The Need to Stay Informed About Data and Smart Technologies



Actionable Recommendations



Avoid the Big Revolution


Leveraging Celent’s Expertise



Support for Financial Institutions



Support for Vendors


Related Celent Research


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