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John La Place
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John.LaPlace@ey.com

Danielle Lundquist
Peppercom
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U.S. consumers demand better customer service, more personal interaction from insurers, according to Ernst & Young global insurance survey

Millennials put a premium on brand and financial stability when choosing an insurer

NEW YORK, 22 February 2012 /PRNewswire/ — U.S. insurance consumers want their insurers to offer more personalized service and reward customer loyalty, according to Ernst & Young’s Global Consumer Insurance Survey 2012. The survey also finds that consumers of life/annuity and property/casualty policies are willing to buy multiple products from the same carrier if they are tailored to meet their individual needs, and that Millennials believe the strength and health of an insurer’s brand is more important than the price of the insurance product.

Ernst & Young surveyed more than 24,000 consumers of insurance products in 23 countries across seven global regions, making this body of research one of the largest surveys of consumer attitudes about the insurance industry ever conducted.

“We designed this survey to be far-reaching, to touch across geographies and demographics, and as a way to help insurers contend with one of their biggest challenges: anticipating their customers’ needs and devising ways to serve them more effectively,” says David Hollander, Ernst & Young’s Global Insurance Advisory Leader. “This survey uncovers valuable insights into consumers’ perceptions that we think all insurers – in the U.S. and abroad – can use to change how they sell, service and market to consumers across multiple products lines.”

The most important trends Ernst & Young found focus on U.S. consumers’ expectations of loyalty, customer service and online communications. Specifically, the three themes of critical significance to life/annuity and property/casualty insurers today are:

“The bottom line is that building a strong brand through new online and offline channels will have a positive impact on sales, especially among Millennials,” Hollander says. “Insurers should define how their brand will be delivered to customers and design all processes to consistently deliver on that promise.”

The global survey results can be found: http://www.ey.com/GL/en/Industries/Financial-Services/Insurance/Global-Consumer-Insurance-Survey-2012

The key U.S. findings can be found: http://www.ey.com/US/en/Industries/Financial-Services/Insurance/US-findings—-Global-insurance-survey-2012

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Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information, please visit www.ey.com.

This news release has been issued by Ernst & Young LLP, a U.S. client-serving member firm of Ernst & Young Global Limited.

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U.S. findings – Global Consumer Insurance Survey 2012
www.ey.com
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Related Documents

Americas Report – Global Consumer Insurance Survey 2012
Global Report – Global Consumer Insurance Survey 2012