Gauging Consumer Reactions in Insurance This Year

Here’s how consumer expectations will shape the insurance industry in 2021.

A global survey by Deloitte’s Center for Financial Services found that insurers have to put in extra work, despite adapting to the impact of the Coronavirus outbreak. And one of the primary tasks should be to gauge consumer reactions to fast-track growth and profitability.

How has consumer behavior changed going into 2021?

Photo by Scott Graham on Unsplash

18% of global consumers said that their insurer did not effectively communicate a plausible pandemic response.

How do insurance industry leaders respond to the pandemic?

Credit: Photo by Bermix Studio on Unsplash

1. The policy administration costs increase when the number of active accounts, which handle the costs of servicing expired policies, starts to reduce.

2. Servicing legacy books requires immense processing costs and dedicated IT support.

3. The complexity of legacy systems can account for 75% of the underlying IT costs associated with servicing existing insurance policies.

Conclusion

CMMI Level 5 custom software development company. A global leader in developing user-centric and mission-critical software solutions.