As much as $470 billion in life insurance and P&C insurance premiums will be up for grabs globally as a result of declining customer loyalty and the perceived commoditization of products, according to Accenture's report, “Capturing the Insurance Customer of Tomorrow.”

“The study data indicates insurers are not keeping up with rising customer expectations, leading to increased customer dissatisfaction with insurance providers,” said said John Cusano, senior managing director of Accenture's global Insurance practice in a statement. “This has created a 'switching economy,' which threatens traditional insurers by giving the advantage to companies most successful at exploiting digital technologies.”

Below, a summary of Accenture's findings. Click image to enlarge.

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Shawn Moynihan

Shawn Moynihan is Editor-in-Chief of National Underwriter Property & Casualty. A St. John’s University alum, Moynihan has earned 11 Jesse H. Neal Awards, the Pulitzers of the business press; seven Azbee Awards, from the American Society of Business Press Editors; two Folio Awards; and a SABEW award, from the Society of American Business Editors & Writers. Prior to joining ALM, he served as Managing Editor/Online Editor of journalism institution Editor & Publisher, the trade bible of the newspaper industry. Moynihan also has held editorial positions with AOL, Metro New York, and Newhouse Newspapers. He can be reached at [email protected].

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