Two-thirds of customers are dissatisfied with their life insurers and nearly half would be inclined to bolt to a competitor if they could get a better deal, a consulting firm says.
Accenture Ltd., Hamilton, Bermuda, has published data supporting that conclusion in a summary of results from a survey of about 5,600 consumers in 14 different countries and 10 industry sectors that was conducted between April and May. About 2,500 of the participants were asked to evaluate their life insurance providers.
Just 34% of carrier customers said they are satisfied with the service they are getting, and only one-fourth said they will recommend their current life insurance provider to others, Accenture says.
The percentage of insurer customers who said they will recommend their life insurers to others was the second lowest among the 10 industries included in the survey.
The gas and electricity utility industry is the only industry with a lower “will recommend” score. Only 20% of survey participants said they will recommend their gas and electricity providers to others, while 34% of survey participants said they will recommend their wireless phone service providers.