Based on a survey of more than 47,000 respondents across 27 countries, the report titled "Three ways COVID-19 is changing insurance", is focusing on how consumers' experience with insurance products and services during the pandemic may drive permanent changes in the industry and which are their expectations.
Kenneth Saldanha, Leader of Accenture's Insurance industry group globally declared: "We're at the beginning of a new movement in personal cyber insurance. The pandemic had a profound impact on customers' lives, which will likely realign their expectations of insurers to help them in a more vulnerable and digital world. Insurers are reimagining their role in their customers' lives by helping them deal with cyber incidents and build on their long-standing trust with customers to ensure them that they feel their identity and personal data are protected."
The pandemic has increased the risk of cyberattacks and fraud as people spend more time online. This is driving consumers to go beyond traditional identity theft solutions and turn to their insurers for personal cybersecurity needs, even though cyber insurance has traditionally been offered primarily as a commercial product. At the same time, the report found that consumers are concerned about identity and personal data protection issues, with one in five (20%) saying they are worry that their data will be stolen if they share it with insurance providers.
The report shows that consumers expect long-term changes to their lives that make new demands of their insurer. More than half (56%) of respondents who can work from home said they expect to do so more frequently in the future. And as homes are now the "new office", more than half (53%) of respondents said they would be interested in home cybersecurity insurance where premiums are tied to using the latest virus protection software.
"With more people now working remotely, insurers must protect their customers' homes not just as physical assets, but as digital assets as well," Saldanha said. "Insurers should play an active role in helping prevent cyber threats in the first place. Consumers tell us they want to be rewarded for good behavior and have their premiums more accurately reflect how they live their lives and stay safe.", she added.
Regarding the decision of whether to stay with their insurer or not, consumers now cite "value for money" as the main reason to stay with an insurer even if two years ago, consumers' top priorities regarding their insurance provider focused on customer service, including fast and efficient issue resolution.
The entire report titled "Three ways COVID-19 is changing insurance" can be read here.