KPMG – A COVID-19 call to action for the Australian insurance and wealth sector

Executive summary :

The insurance, super and financial advice consumers are showing early signs of refusing to return to their pre-COVID-19 ways of interacting with their financial service organisations.

COVID-19 has transformed the way consumers interact with insurers

The conscious consumer in the new reality

There is a new reality emerging for all of us as we recover from the impacts of COVID-19. In mid-May we surveyed over 1500 consumers on different aspects of their lives and their relationships with insurance, superannuation and advice products and services.

KPMG International then performed the Consumers and The New Reality survey across 12 different countries, including Australia, in early June that focused on changing consumer needs, behaviours and expectations – both reports delivered the same findings. The financial impacts from COVID-19 were significant and far reaching.

Consumers want protection

Consumer spending, attitudes and sentiment to products and services, preferences to propositions and service channels have all been affected. For many Australians, this has first and foremost been an economic crisis, but one where both their lives and their livelihoods are in need of protection.

Organisations need to react to these new circumstances and changing consumer expectations. Consumers are showing early signs of refusing to return to their pre-COVID-19 ways of interacting with organisations. Organisations will need to adopt new ways of providing customer service as they build out their transformation programs and develop more customer-centric brands.

Digital first is not enough

Not only is the post-COVID consumer more empowered in our digital-first, data-centric world, but they are also increasingly driving an agenda that is about value-for-money, trust and redesigned propositions that will flex to their needs and circumstances. Consumers are scrutinising their existing propositions and, in many cases, expecting a complete re-think and transformation of what they are being offered.

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