In the previous posts in this series, we talked about the “switching economy” and how it’s imperative that insurers adopt a “playing to win” strategy to capitalize on declining customer loyalty. In this third post in the series, we will look at how insurers can attract new customers and retain existing customers who might be considering taking their business elsewhere.
In the quest to create experiences that are valued by customers, insurers must create a blueprint for improving customer experiences based on five core elements:
1. Know me – customer relevance
Personalization is a key driver in any industry wanting to keep customers and attract new ones. The 2013 Consumer-Driven Innovation Survey data shows 38 percent of US customers and 27 percent of Canadian customers would be willing to pay more for personalized advice from their insurance provider.
2. Show me you know me – relationships at scale
Cloud-based customer relationship management (CRM) and analytics can be used to enhance the customer experience and bring back the value of old-style neighborhood agents who knew their customers well enough to customize recommendations.
3. Delight me – seamless experience
A seamless experience across multiple channels will be the expectation of today’s and tomorrow’s customers. Insurers need to consider transforming their underlying digital platform to build a solid foundation for delivering these experiences directly to customers and agents.
4. Enable me – inherently mobile
With the growth of mobile, customers are theoretically connected all the time and they expect their insurance carrier to be equally connected and mobile-savvy. Results show that customers everywhere want more mobile interaction options—in North America the numbers range from 52 percent in Canada to 57 percent in the United States, and these percentages trend even higher in places such as Spain (75 percent), Brazil (88 percent) and China (94 percent). It’s clear that playing to win includes creating mobile services to give customers what they want.
5. Value me – naturally social
Social media gives businesses another medium to connect with their customers and increase customer engagement and advocacy. Reviews on social media sites influence purchasing decisions and unfiltered feedback is an opportunity for insurance providers to improve products and processes. This level of customer insight is critical for carriers aiming to be authentic and allows them to prepare future strategies by listening to what customers are saying now.
Accenture’s current research agrees to a remarkable extent. Today’s and tomorrow’s consumers are increasingly moving online, and they are demanding highly personalized and relevant experiences, rather than just products. In my next post, I will talk more about digital capabilities and how they fit into a customer-centric approach.
To learn more, download: Accenture 2013 Consumer-Driven Innovation Survey: Playing to Win.