A third of people (33%) claim that they have switched insurers over the past two years because of poor service; according to research.
Information management firm EDM Group who clients include L&G, Bupa and Friends Life, also polled insurance intermediaries and senior executives on the opportunities for insurers in improving efficiency and reducing costs.
Nearly 15% of insurance executives believe that the opportunities here are ‘huge', and a further 38% think they are ‘significant'.
Meanwhile two-thirds (68%) think that more digitisation of information and data by insurers would help significantly here, and a further 18% believe it would have a small role to play.
Most insurance executives (53%) said back office administration was the best opportunity for insurers to improve efficiency.
This was followed by claims (44%), customer retention (38%) and underwriting (35%).
When the insurance intermediaries were asked this question, 68% said back office administration, followed by 42% who said customer retention and 22% underwriting.
Craig Campbell, head of insurance sector at EDM Group, said: "It is clear from our research that both insurance executives and intermediaries believe there is significant room for improving levels of efficiency and cutting costs in the industry, and that the digitisation of information has a clear role to play here. For this reason, we see this as one of our biggest growth markets."
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