Unicorn insurtech wefox has released its Global Safety Report for 2022 and has taken a deep dive into the state of customer experience. It’s unsurprisingly bad news.

The insurtech collected data from around 13,000 customers across Europe and the US and found that 48% of respondents think their policies have increased in price, 69% are concerned about affording their cover and 55% think they should be getting better deals from their providers. The report also found that 57% of insurance customers would prefer carriers to use personal data to create more tailored policies and 47% think their premiums are negatively impacted by irrelevant circumstances.

Julian Teike, CEO and founder of wefox, has revealed that 55% of survey respondents want more digital and mobile services akin to those in financial services.

He also said: “Our first Global Safety Report has shown exactly what we at Wefox have known for a long time – the customer experience sucks – because the sector is not keeping up with the needs of today’s consumer.”

“The founding principle of our industry – to keep people safe – is as important today as it has always been. However, we believe that insurance can do more. It needs to go beyond protect and support. We have the power to help keep people safe and prevent risk. That’s the responsibility of our industry.”

“Insurance is an ancient industry that continues to be crisis resistant. Now is the time for the industry to step up and take care of our customers. The words used by the thousands of consumers we spoke to in compiling this report were that insurance is ‘unfair’, ‘complicated’ and ‘a waste of money’. That’s a long way from ‘protect’, ‘support’ and ‘keep me safe’.”

“Technology is transforming industries. Yet the greater part of the insurance industry has ignored the advantages and opportunities that technology can bring. At Wefox, we can see that by harnessing the power of technology to drive innovation we can revolutionise the way people not only think about insurance, but how they experience it”

“People are now demanding a better customer experience that is simple, convenient and fast. We are already witnessing how technology is delivering a superior level of customer experience from ordering groceries, booking travel or simply paying for their coffee all at a click of a button. Insurance can do the same.”

Source: https://insurtechdigital.com/insurtech/wefox-global-safety-report-reveals-poor-customer-experiences

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