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Insurance in the Web3 world: Are consumers ready? Are insurers?

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Insurance in the Web3 world: Are consumers ready? Are insurers?

A new study by EPAM with 900+ people in Switzerland, Austria and Germany reveals that consumers may be ready for Web3, metaverse and emerging technologies – and suggest it’s insurers who need to catch up. 

Previously, EPAM carried out real-world studies of consumers in Switzerland and Germany, exploring their insurance buying experiences. Insurance: The Digital Paradox series revealed a significant gap between the digital insurance journey expectations of insurers and consumers.

  • Consumers were generally unhappy with the user experience offered by insurance websites.
  • The satisfaction with chatbots was low as they were perceived as inadequate and did not provide sufficient information.
  • Too often, users needed to contact an agent to complete purchases.
  • Completing the insurance purchasing journey took too long.
  • User groups were polarized:
  • Millennials and Gen Z, the most tech savvy group, were willing to share data to get more personalized services and better pricing, but the least insurance literate.
  • Baby boomers and Gen X were the most insurance literate, but the least likely to share their data in exchange for better service.

For the industry as a whole, the message was clear: insurance companies continue to struggle to get human-centricity to translate into meaningful customer experiences right. 

In our new research; however, a clear shift is evident.

Read the full article here.

Read the insurance ‘The Digital Paradox’ report here (report downloads in German and English).