The claim is often called the moment of truth in a customer-insurer relationship. A positive claims experience can help an insurer maintain that relationship; a negative claims experience is almost certain to damage it. In this Insurance Chart of the Week, we’ll look at a key finding of the Accenture Claims Customer Survey: that dissatisfied customers are more likely to switch insurance providers than satisfied customers.

Dissatisfied customers are more likely to switch insurance providers

How likely are you to stop doing business with one of your insurance providers and to switch to another provider in the next 12 months?
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These results show that claims service matters—unsatisfied customers are more likely to switch than satisfied customers. But more important, our research reveals a link between the incidence of the claim and customer retention. Should insurers take steps to offer an exceptional claims experience? Of course. But they should also take steps to reduce the incidence of claims in the first place.

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