Jean-François Gasc offers some stats around the dynamics of 'switching' in the P&C market. The value at stake is huge and both holding onto and winning potential switches must increasingly depend on how P&C players are embracing technology-driven innovation - whether in the product itself of the associated marketing and brand awareness.
Accenture defines the “switching economy” as the annual revenue at play that is driven by consumers switching from one life or P&C provider to another. We calculated that in 2013, the global switching economy was worth as much as $400 billion. This is more than most people think, and it has swelled over the past five years, driven by the new, non-stop customer and spending growth.