Shifts in customer behavior, distribution patterns and preferences could provide significant growth opportunities for insurers prepared to embrace and leverage these emerging changes, according to the World Insurance Report 2008—an international study of more than 11,000 insurance customers and industry executives-released by Paris-based Capgemini, and the European Financial Management & Marketing Association, also headquartered in Paris.

Fueled by increased competition from new distribution channels such as banks, easy access to more information (via the Internet) and innovative product choices from insurers (such as pay-as you-drive auto insurance), traditionally passive insurance customers are becoming more volatile in their buying and loyalty patterns. The World Insurance Report reveals that contract turnover is already on the rise in many mature markets, including Italy, Spain and the United States. The turnover increase is intense in the United Kingdom, where the average insurance customer holds auto insurance for just three years and household and property insurance for only five years.

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