Gen Y not happy with insurance

Insurers across the globe are failing to keep up with the digital demands of younger users, with overall positive customer experience interactions dropping below 30%, according to a new global report.

Capgemini’s World Insurance Report 2015 (WIR) found positive customer experience ratings dropped by 3.7% in 2014, with most of that drop stemming from Generation Y’s dissatisfaction.

The report also found that one in two Gen Y consumers are looking to interact with insurers through social media, online and mobile channels in the future, increasing pressure on the insurance industry to become more tech-savvy.

Capgemini Chief Sales and Marketing Officer Jean Lassignardie says the data show insurers need to adopt a customer-centric approach.

“Ongoing investments need to support all types of channels, at least for the foreseeable future,” he says.

“Insurers must strive to bring some of the qualities that define traditional channels to the newer channels and vice versa.

“Insurers that are able to blend traditional and digital channels in a seamless way will be the leading edge providers of the future.”

The research also showed the major future disruptions that face the insurance industry, with 78% of executives expecting Big Data Analytics to disrupt the industry, followed by regulatory changes at 46% and economic uncertainty at 42%.

The threat from new competitors from non-insurance backgrounds such as Google and Amazon came in at 22%.

To view the report, click here.