Global insurers are still struggling to meet customer standards of disclosure despite scoring high satisfaction ratings, according to an Accenture survey.

The study of more than 7000 people from 13 countries including Australia reveals that although 84% of respondents were satisfied with their providers, 62% of those believe there needs to be more clear and easily understood information on policies.

Only 27% say their insurers are meeting these requirements, and Accenture Financial Services Analytics Group Global MD Edwin van der Ouderaa says consumers probably have “low expectations rather than being delighted with the experience they receive”.

“This means there is an opportunity for insurers to differentiate themselves and gain market share by leveraging analytics to access which products and services are working best and which need to be changed to deliver a better customer experience.”

The survey also shows that younger customers and people interested in social media and technological advancements such as smartphones are more likely to shop around.

More than 76% under the age of 35 expressed interest in using mobile devices to send text messages to insurers to receive updates on claims requests.

However, the report also reveals that young consumers (31%) are more likely to shop around for the best deals, while those over 50 are the most loyal, with just 10% saying they would stop doing business with their insurer in the next 12 months.

Generation Y customers are also more willing to pay higher premiums to get products that are more relevant to their needs.

Accenture Insurance Practice Global MD John Del Santo says the fast-growing middle classes in emerging markets are determined to protect their newfound affluence, leading to stronger demands for insurance.

“This is a big opportunity for global insurers that are keen to expand,” he said.