Around 23% customers have said that they would prefer to buy insurance from online service providers such as Google and Amazon, according to a research report by Accenture.
Of 6,000 insurance customers who participated in the study in 11 nations, almost 67% customers said that they would consider buying insurance products from organizations other than insurers.
Furthermore, 43% of respondents, who could select multiple responses, said they would like to buy insurance from banks, nearly 23% preferred to buy from online service providers, 20% from home service providers, such as telecommunication or home security companies, 14% from retailers and 12% from car dealers.
Accenture insurance industry practice management consulting, global managing director Michael Lyman said that competition in the insurance industry could quickly intensify as consumers become open to buying insurance not only from traditional competitors such as banks but also from Internet giants.
"The switching risk is important in western markets but even more so in emerging countries such as China and Brazil, where insurance customers are even more likely to change providers," Lyman added.
The study reveals that Chinese, Brazilian and British insurance customers are most likely to switch providers, with 81%, 75% and 57% of respondents, respectively, saying they are likely to switch to another automobile or home insurer over the one year.
It was found that 23% Canadians, 24% Japanese and 24% French are the most loyal customers.