Life insurers understand why improving customer experience is so important. It’s hard to create a sustainable competitive advantage based on product features alone as they can be easily copied, and, as a result, have become commoditized. Additionally, competing on price puts pressure on margin and earnings.
Now, innovative technologies—from online applications to personalized video—are opening up more creative and relevant ways for life insurers to interact with their customers. It means that bold carriers can create brand-specific “signature” experiences and deliver them with excellence every time to yield positive and distinctive customer moments.
Insurers that do so can improve growth and profitability by setting their brand apart from competitors, boosting customer satisfaction, reducing costs, increasing retention and achieving a higher share of wallet
Half of the insurers Accenture surveyed, for example, have achieved a positive ROI from their investments in personalization technology.
Yet, many life insurers find it difficult to know where to start their customer experience improvement efforts. In my next blog, I’ll explore a key first-step principle: pick your spots and don’t plate everything.