Day: May 9, 2023

Duck Creek Technologies launches the second edition of the Global Consumer Insurance Insights survey of over 2,000 global consumers, aimed at refining the strategies that bring insurers closer to consumers worldwide

Boston / London, May 09, 2023 (GLOBE NEWSWIRE) — Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, has proudly published its second annual benchmark survey, the 2023 Global Consumer Insurance Insights. The survey reveals strong demand from global consumers for humanized insurance purchasing, switching and communication experiences through digital channels.

The 2023 wave of research – which is being launched at the Duck Creek Technologies Formation ‘23 event for customers and partners from May 8-10, was conducted independently by Research in Finance for Duck Creek Technologies and surveyed over 2,000 policyholders across 13 countries, all of whom held at least one insurance policy.

Aimed at refining the strategies that bring insurers closer to consumers worldwide, this year’s survey is more extensive than the inaugural 2022 edition, with more questions and responses from policyholders across more countries. The survey provides insights for carriers, reflecting consumer preferences and awareness of innovation opportunities, purchasing, and communication methods.

Key findings from the survey include:

 

• 93% of consumers are confident they have the proper coverage, irrespective of which channel they used to purchase the insurance policy.
• Once a policy is in place, 44% of consumers prefer human interaction (2022: 35%). At the same time, however, interest in app/WhatsApp usage for buying and switching insurance also increased year-over-year.
• 46% of global consumers are unaware of embedded insurance. Of those who were aware (37%), almost half said they trust it because of product or retailer quality. Those who do not trust it (26%) find embedded insurance unnecessary and expensive. Those who are unsure (29%) require more information, having had little experience with embedded insurance.

The survey reveals significant positives for insurance providers and clearly shows they are getting it right in many areas. However, it also highlights areas where insurers must reflect and improve further – including bolstering global consumer confidence and trust in insurance.

According to Jess Keeney, Chief Product & Technology Officer at Duck Creek, “As the insurance industry continues to evolve, it is crucial for providers to listen to the needs and preferences of their customers. The 2023 Duck Creek Technologies benchmark survey provides invaluable insights into consumer behaviors and trends, highlighting the areas where insurers can maximize accessibility, accelerate speed to market, and differentiate competitively.”

While the survey shows that carriers around the world are responding quickly to consumer demand for more relevant and timely products and services, it also reveals that a significant number of consumers prefer a humanized experience when interacting with their insurance providers. This emphasizes the importance of exploring ground-breaking and varying communication options to meet the needs of diverse customers.

Keeney adds, “It is encouraging to see that despite the challenging economic environment, people are re-evaluating their insurance needs and considering a wider range of products. Mobile and gadget insurance, travel insurance, and embedded insurance are being purchased more frequently than other types of insurance.

Duck Creek’s 2023 survey is a vital resource for insurance providers, offering unique insights into customer perceptions and highlighting the next opportunities for innovation. We urge providers to delve deeply into the results and continue pushing the frontiers of the insurance industry forward.”

Research in Finance Head of Research, Karen Scott, added, “In the insurance industry, listening to consumers is essential for success. As the Global Consumer Insurance Insights Survey 2023 demonstrates, primary research capturing changing behaviors, user feedback, and satisfaction is invaluable to help inform insurance company strategies, new product development, marketing, and communications plans. Insurers now have access to significant data sets to compare year-on-year, creating a true benchmark series of reports we are proud to support. Ultimately, insurers who prioritize listening to and understanding their consumers will come out on top.”

The 2023 Global Consumer Insurance Insights Survey highlights four key calls to action for insurers:

1. Maximize accessibility of insurance products to consumers across channels
2. Accelerate speed to market with the SaaS model
3. Humanize the consumer experience through digital channels
4. Leverage the SaaS ecosystem to differentiate competitively

Download the 2023 Global Consumer Insurance Insights Survey here.

About Duck Creek Technologies
Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.

Drake Manning
Duck Creek Technologies
+1 860 877 3609
drake.manning@duckcreek.com

GlobeNewswire Distribution ID 8833259

MAASTRICHT, The Netherlands, May 08, 2023 (GLOBE NEWSWIRE) — Mosa Meat, the pioneers in the cultivated meat space that grow beef directly from animal cells, opened a new 2,760 square metre (29,708 square feet) scale-up facility in Maastricht on Monday. This fourth facility completes the new Mosa C.A.M.P.U.S. or Center for Advanced Meat Production, Upscaling, and Sustainability for a total footprint of 7,340 square metres (79,007 square feet).

Monday’s program included a ribbon cutting ceremony with the Mayor of Maastricht Annemarie Penn-te Strake, the Governor of Limburg Emile Roemer, and the Mosa Meat team, a cultivated burger cooking demonstration by Chef Hans van Wolde, and tours of the new facility. A select group of 50 investors, journalists and value chain partners from around the world attended the event. The new facility will start the first production runs in a matter of days.

Mosa Meat CEO Maarten Bosch said: “As this scale-up facility comes online next month, we will have the capacity to make tens of thousands of cultivated hamburgers. The facility is designed to grow as demand increases with regulatory approvals and regional market entries, up to hundreds of thousands of cultivated hamburgers per year. And in combination with our contract manufacturer in Singapore, even a lot more. We are excited to debut this great tasting hamburger today that even hardcore carnivores will love.” 

Mosa Meat Co-founder & CSO Dr. Mark Post said: “When we introduced cultivated meat to the world, we predicted it would take 10 years to create a consumer product. Now, almost exactly 10 years later, we have a consumer product that we can start making in larger quantities and that we can start serving to consumers in Singapore, pending regulatory approval” said Mark Post, co-founder and Chief Scientific Officer of Mosa Meat.

Chef Hans van Wolden said: “When I first tried a Mosa Burger as part of the internal development team, I was blown away by the beefy taste and the amazing mouthfeel of the beef fat. It gave me goosebumps. I genuinely believe this new way of making beef can delight connoisseurs and casual beef lovers alike, while enjoying the positive benefits of cultivated beef from a sustainability perspective. I am excited to work with the Mosa Meat team to make future versions even better. 

ABOUT MOSA MEAT

Mosa Meat is a global food technology company pioneering a cleaner, kinder way of making real beef. Our founders introduced the world’s first cultivated beef hamburger in 2013, by growing it directly from cow cells. Founded in 2016, Mosa Meat is now scaling up production of the same beef that people love, but in a way that is better for people, animals, and the planet. A diverse and growing team of 165 food-loving problem-solvers, we are united in our mission to fundamentally reshape the global food system. Headquartered in Maastricht, The Netherlands, Mosa Meat is a privately held company backed by Blue Horizon, Bell Food Group, Nutreco, Mitsubishi Corporation, Leonardo DiCaprio and others. Follow Mosa Meat on Facebook, LinkedIn, Twitter and Instagram or visit mosameat.com to learn more about why people #cravechange.

For more information, reach out to press@mosameat.com.

Visual assets from the event will be loaded here by 17:00 CET on May 8th

https://drive.google.com/drive/folders/181Qd14IJ9QD55SfwarnohvzO5-rjxtHf

The general Mosa Meat press kit is here:

https://mosameat.com/press-kit

ABOUT CHEF HANS VAN WOLDE

Chef Hans is a Dutch 2-Michelin star chef who converted an old farmhouse outside Maastricht into his restaurant Brut172. Previouslyhe was the chef owner of 2-star restaurant Beluga in Maastricht and has been featured on TV shows like MasterChef and Snackmasters. He has formally joined Mosa Meat’s product development, sensory evaluation and recipe formulation team to complement Mosa Meat’s internal team of food scientists.

www.brut172.com

Attachments

• Ribbon cutting ceremony Mosa Meat scale-up facility opening
• 2-star Michelin Chef Hans van Wolde prepares a Mosa Burger

Tim van de Rijdt
Mosa Meat
press@mosameat.com

GlobeNewswire Distribution ID 8834249