Email: Password:
Forgot Password

News Archive

Back to List Back to list
Previous Article Next Article

Consumers open to robo-advice

23 May 2017

Consumers’ embrace of robot-driven advice will herald a shift in the way insurance is sold, according to consultant Accenture’s latest industry report.

It says insurers must adapt and plan for a distribution model that meets customer expectations, or they may end up as fringe players.

“Incumbents should be thinking what their future business is based on,” Accenture’s MD Insurance Strategy Practice Asia-Pacific Ravi Malhotra told

“What I can tell you is it will not be the same as it is today. Australian insurers recognise these changes. The question still remains… are they going to move quickly enough?

“And it remains to be seen how the industry responds to the change in customer expectations.”

About 64% of Australians want to interact with machines over humans when it comes to obtaining advice about insurance policies, data from the Accenture Financial Services Global Distribution & Marketing Consumer Survey shows.

Almost one-quarter are willing to buy cover from the likes of Amazon, Google and other online service providers, and 32% would turn to a supermarket or retailer for insurance.

Worldwide, 74% are willing to receive computer-generated advice about insurance needs, 29% would consider online service providers and 30% would use retailers. About 38% would consider peer-to-peer motor insurance and 32% are receptive to peer-to-peer cover.

“If you look at the trends, you would expect increased receptivity,” Mr Malhotra said.

“You would expect the technology to get better and people to get more comfortable and more willing.”

The survey interviewed 32,175 insurance customers in 18 markets.

 - insuranceNEWS

Previous Article Next Article


Professional IQ

Professional IQ College

Workshops, Online courses, webinars and Qualifications. For upcoming events         click here

Latest Papers:

Closing the Gap - Insuring your business against evolving cyber threats

iNavigator iNavigator Media Center
Provides access to a wide range of industry related media resources

Covernote Cover Note
IBANZ quarterly magazine for the latest on the intermediated insurance market.

Gary's Blog Gary's Blog
Comment on current issues.

© Copyright IBANZ, all rights reserved. Private information collected for this website is governed by our Privacy Policy. Read our Terms & Conditions
Powered by streamSWEET CMS