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86 per cent of Australian consumers would consider between one to three insurers when selecting their next policy and 76 percent said they liked and trusted their current provider.

Those numbers have been crunched in a study by global provider of software and BPO solutions Target Group.

While the statistics indicate brand loyalty between Aussie consumers and their insurance company, the whitepaper also warns that it's a double-edged sword as insurance providers continue to lose a large share of their market - with more hits expected.

It's been suggested by Target Group that in order to sustain longevity in the industry, insurers should start to strategise ways to capture the next generation of insurance consumers, such as using social media.

40 per cent of Australians aged between 25 to 34 said they would be willing to buy insurance from a social media platform while 58 per cent of Australians aged 18 to 24 spoke to a call centre agent indicating there should be a choice between either option.

Target Group insurance director Richard Holling believes that although there are prosperous opportunities in Australia and New Zealand for insurance companies, they should also brace themselves for tough times.

“If insurers can match new entrants in terms of usability, cost, and cover, they are likely to stay at the top of the industry for a long time to come.

"The ANZ market is in a fortunate position at the moment, however, it should learn from what has happened in other markets and realise that change is inevitable.

“In order to meet increasing customer expectations, insurers have to embrace disruption, introduce innovative new product offerings, and simplify the end-to-end customer experience.

“In such a competitive industry, no one can afford to stand still.”

Holling also suggested that global tech giants could thwart longterm success for traditional insurers.

“The overwhelming support for major high street and technology brands, such as Apple, Amazon, and Google, threatens to rival the market leading position traditionally enjoyed by ANZ insurers.

"Even though they are not closely associated with the insurance industry, their familiarity has laid the groundwork for a future foray into this field.

“Insurers need to embrace new technology platforms and offer customers the same reassurance and ease of use that they have come to expect from sites such as Amazon. They need to be prepared to take the initiative and disrupt themselves or new entrants will happily do it for them.”

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