Personal cyber insurance to see growing demand

The Accenture survey also found customer service is no longer the main reason consumers stay with their current insurers.

Slightly more than half of the survey respondents said they’d be interested in home cybersecurity insurance where premiums are tied to the use of the latest virus protection software, according to Accenture.

Traditionally the realm of commercial lines, more consumers are hoping insurance professionals can help them with policies that protect against costly cyberattacks, according to Accenture‘s 2021 Insurance Consumer report.

In fact, 75% of consumers welcome assistance from insurers when dealing with cybersecurity threats, particularly as these incidents increase in volume and severity. This is moving many to consider steps beyond traditional identity theft solutions, with insurers becoming a key outlet for cybersecurity protection, Accenture reported.

“We’re at the beginning of a new movement in personal cyber insurance,” Kenneth Saldanha, who leads Accenture’s Insurance industry group globally, said in a release. “The pandemic had a profound impact on customers’ lives, which will likely realign their expectations of insurers to help them in a more vulnerable and digital world. Insurers are reimagining their role in their customers’ lives by helping them deal with cyber incidents and build on their long-standing trust with customers to ensure them that they feel their identity and personal data are protected.”

An unfortunate side effect from growth in work-from-home arrangements was an uptick in malicious digital attacks. With a majority of people who can work remotely planning to do so more frequently moving forward, turning the home into the center of their work-life, 54% of consumers said they’d be interested in home cybersecurity insurance with premiums that are tied to the use of the latest anti-virus protection software, according to Accenture.

Why insureds don’t change carriers

Accenture’s survey, which polled more than 47,000 consumers worldwide, also uncovered that consumers today cite “value for money” as the main reason they stay with their insurer. Two years ago, customer service was the top reason to remain with their current insurance provider.

“Consumers want to be in more control of their cash flow and feel that their insurer understands their new world,” Saldanha said. “While financial relief, like the rebates offered by U.S. auto insurers during the pandemic, had a positive influence on consumer perception of insurers’ performance during the crisis, insurers shouldn’t get caught in a race to the bottom war on price. The battle for the consumer still remains in offering trusted, personalized customer experiences, adapting to new risks, and really being there for them to protect their best interests.”

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Personal cyber insurance to see growing demand