Eight out of ten German respondents (81%) in our 2023 survey would be willing to share additional personal data with their insurer, with cheaper premiums being the leading motivating factor. Insurance ownership among our German policyholders has increased in the past two years – no less than 89% hold more than one policy and the average number of policies has increased to over four per respondent, comfortably the highest level across all markets covered in this survey.
"For our German policyholders, the quality and speed of the services they receive, and the scope of the coverage they are offered, are all very important considerations. Given Germany has already high levels of policy ownership, the opportunity for insurers now is to refine customer experiences and how products are designed and distributed, ensuring they can keep pace with evolving policyholder expectations, not least their desire to embrace personalization and self-service offerings. While German insurers still have some catching up to do, the necessary adjustment process has begun, with many already looking to ensure a higher level of customer focus throughout the organization. That should now be intensified. Enhancements to how data is captured, analyzed and applied across sales, service and claims processes, particularly in combination with AI, will be key. It will open up new insights and opportunities to improve existing offerings and cross-sell new products while ensuring insurers stay relevant and competitive in a dynamic marketplace."
Hans Eder, Germany, Austria & Slovakia Insurance Lead
METHODOLOGY
Interviews were conducted in Belgium, Brazil, Canada, Greater Bay Area (ex Hong Kong), Germany, Hong Kong, Italy, Malaysia, Poland, Singapore, Switzerland, Thailand, USA and the UK during February and March 2023. Respondents were aged between 18 and 65 years. This was a quantitative study conducted using diverse sampling methodology (social & ad networks). Country representative quotas (location, age and gender) were applied.
