This is the key finding of the 2019 Luxembourg Insurance Market Pulse Survey (MPS), the first of its kind in the country. Jointly developed by Accenture and Bâloise, it surveyed more than 1000 respondents on 25 questions in six categories, ranging from ‘Satisfaction’ to ‘Omni-channel Experience’.
Putting clients at the heart of their activities, Bâloise Insurance Luxembourg has teamed up with Accenture Luxembourg, consulting, strategy and digital specialists, to gauge the expectations and needs of the insured in Luxembourg.
92% of customers report having very infrequent interactions with their insurance providers, which consequently increases the significance of the rare moments of engagement between insurer and customers. These brief interactions serve as “moments of truth” that can either make or break these relationships. Romain Braas, CEO of Bâloise Insurance Luxembourg adds, “In a moment where our industry is at a new turning point, it is important to measure the market needs in Luxembourg in terms of client relations. This Market Pulse Survey reinforces our strategic choices based on proximity, simplicity and innovation to create the best customer experience”.
Although insurers have already started developing new, more personalised services, they must continue down this path. In other words: they need to offer the right services for the right customer at the right time. The study also showed a residual interest in innovative services ranging from pet coverage to cyber-security and e-transportation.
Emiliano Luzzi, Insurance Lead at Accenture Luxembourg, explains “In order to keep close relations with their customers and stay ahead of competition, insurers must now, more than ever, stay at the forefront of innovation and diversification of product services in response to an everchanging and developing market.”
These findings highlight the growing importance of an expanding services portfolio for insurers and a key opportunity for them to consolidate and develop long-term customer relationships based on a more people-centric approach to the market (and beyond).
An infographic that summarises the results can be consulted here.