Baringa insurance survey: win loyalty where others fail

Are insurers delivering the experiences that customers want and need? Our research suggests that they aren’t, and legacy technology and operating models are largely to blame.

Traditional insurers are falling short of customer expectations on two key fronts: digital experience and product proposition. Today’s consumers expect personalised, seamless digital services as standard. With many actively exploring alternative providers at renewal, the window for retention is narrowing rapidly.

To better understand how these dynamics are shaping customer preferences and insurer strategies, Baringa conducted two complementary surveys in early 2025. We interviewed 4,000 insurance customers and 400 senior executives at insurance companies in the UK and the US.

Our customer survey gathered insights into loyalty, satisfaction, and interactions with insurers, as well as customer experiences and preferences regarding digital propositions and services. Our survey of insurance executives looked at technology investment and digital transformation strategies.

The results reveal a clear gap between customers’ digital expectations and insurers’ ability to meet them.

What leaders need to know

Unlock the report and read on for:

• Five converging forces reshaping insurance loyalty, from the rise of mobile-first engagement and generational shifts to the growing demand for seamless, personalised digital journeys that mirror experiences in other sectors.
• Why legacy technology is sabotaging customer experience, with nearly half of executives admitting outdated systems block innovation, inflate costs, and prevent insurers from meeting fast-changing customer needs.
• Four strategic moves to win loyalty and growth, including holistic digital transformation, building a modern technology spine, shifting from reactive to proactive engagement, and embedding continuous improvement across operations.
• The commercial case for urgent action, as insurers that invest in AI-driven personalisation and intuitive digital platforms see stronger retention and ROI, while those that delay face rising attrition, operational risk, and competitive disadvantage.

About the research

The findings of Baringa’s insurance report are based on two separate surveys, with insurance customers and executives from the United States and the United Kingdom.

The first survey took place from March to April 2025 with 4,000 customers, who answered 20 questions about their insurance experiences and what they are looking for in an insurance provider. We targeted a balanced representation of customers in terms of age, gender, and income.

The second survey, carried out from March to April 2025, involved 400 senior insurance executives in providers with $500m+ revenue and assets under management (AUM). The aim was to understand their primary focus areas, challenges and risks, particularly around customer engagement and technology.