What do you want to be when you grow up? We’ve all been asked the question, but how many of us responded that our passion was the insurance industry?
Perhaps one reason is that most of us only seek insurers when we have an issue to resolve. Furthermore, research from Accenture shows that nearly 30% of insurance customers have not had a positive experience.
Today, the consequences of sub-par customer service are amplified by the speed and reach of social media. One poorly handled claim, one mistake captured on a smartphone, can escalate quickly into a brand-damaging crisis. This is just one reason firms across all industries should increase their focus on providing a great customer experience.
The insurance industry is well aware of their image problem. According to the Association of British Insurers (ABI): “For an industry full of people passionate about making a difference for customers, it is extremely disappointing that the sector has so badly failed to secure their trust.”
The main reason so many companies fail to improve customer journeys is that understanding what customers value is not an easy task. Identifying what drives customer satisfaction and translating it into operational performance improvements requires deep customer insight and intelligence, solid analytics, and modeling the most important customer journeys, with multichannel, end-to-end management.
In the past five years, US auto insurance carriers that have provided customers with consistently best-in-class experiences have generated two to four times more growth in new business and about 30% higher profitability… in part because satisfied customers are 80% more likely to renew their policies than unsatisfied customers.”
– McKinsey & Company
What can be done to improve the client experience?
Today, the opportunities for insurers to differentiate themselves through stronger customer experience are immense. The fundamental challenge is getting the organization to move. In the digital era, consumer power is rising; carriers that cling to product, function, or channel-centric views risk falling behind as market leaders build deeper relationships with customers and capture ever-larger shares of the market.
Digital technology has been cited as the answer to solve not only some of the consumer’s most hated aspects of insurance, such as the speed of resolving a claim but more importantly to offer new experiences that will change how we look at insurance.
Your clients want the insurance industry to catch up to the current marketplace. But do you know what features and benefits they value most?
Tailor how you work with your clients with SoGoSurvey’s insurance company satisfaction survey. Our customizable, intuitive survey templates enable insurance companies to measure client satisfaction levels and uncover areas that could be improved.
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Put clients first by learning what truly delights!