Consumer expectations continue to evolve at a mind-boggling pace. Insurers are going to need to become much more agile if they hope to keep up.
None of us have been through a pandemic before. So it’s difficult to anticipate exactly how people are going to respond to the various phases of this situation. Or how their needs as consumers will evolve — what consumers wanted at the start of the pandemic may not be what they want or need today.
That is why, over the course of the pandemic, professionals from KPMG International have been surveying consumers to find out how their preferences and behaviors have changed and what insurers can do to keep pace. The Consumers in the New Reality (PDF 2.3 MB) series has included around half a dozen ‘waves’ of consumer outreach, involving more than 75,000 consumers across 12 markets. The findings have deep implications for insurers of all types and sizes.