Like other businesses, insurers are concerned about customer satisfaction and retention. But when it comes to distinctive customer experience that delights the customer, insurers are falling short. In today’s insurance environment, where features and price can be quickly matched by competitors, what ultimately differentiates one insurer from another is customer experience.
Accenture’s research reveals that significant gaps exist between what customers expect of insurers and what they experience. Customers want clear and easy-to-understand information on their policies, but only about a quarter of them say they were very satisfied with their insurers’ effort to do so.
As customers become more familiar with technology, a growing number of them feel comfortable purchasing insurance products and services online, and about half of them regard comments on social media as important in making their insurance-buying decisions. As such, customers’ experiences can no longer be met through the agent channel alone. While customers still require the familiar relationship with an agent, they also expect the ease of purchasing services through digital means.
Insurers can improve customer experience by following these core elements:
- Know me: Customer relevance. Customers expect providers to know them and interact with them accordingly.
- Show me you know me: Relationships at scale. Technology can provide advanced analytics and help predict customers’ behavior and needs—providers should use this information to improve customer service and company operations.
- Delight me: Seamless experience. Customers of today and tomorrow expect their experience to be orchestrated across all channels.
- Enable me: Inherently mobile. Sixty-seven percent of insurance customers are interested in new services being offered on mobile devices.
- Value me: Naturally social. Almost half of all insurance customers depend on comments on social media to make their insurance buying decisions.
Please join me in my next blog where I will discuss how insurers may implement these core elements by transitioning from product-driven to customer-centric insurance service.
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