Insurance Companies, like most, are increasingly facing challenges of how to increase customer retention and create a better customer experience. This article from West Monroe Partners dives into those challenges and more:
Research within the Insurance Industry has shown that a policyholder’s perception of an insurance company is developed as a result of their interaction across multiple-channels, not through one individual transaction or moment in time, and that a positive and effortless customer experience can result in increased policyholder satisfaction, loyalty, advocacy and greater customer lifetime value.
Diminished customer loyalty coupled with increased online comparison shopping, and ultimately purchase, represent a shift in the Insurance marketplace. Insurance Carriers, particularly those invested in Personal lines, must be able to produce an ideal customer experience through a variety of delivery vehicles and channels to attract and retain business. In addition, operational enhancements that improve efficiency and drive down the cost of doing business are imperative for success.
Assuming a leadership position in the marketplace means having customer experiences designed based on a full understanding of customers’ brand specific expectations, emotional relevance, and the expected tactile and emotive performance. Some of the capabilities of carriers that are leading in this area include:
— Customer experiences designed on specific expectations
— Predictability about what customer wants to accomplish interacting with firm
— Ability to relate decisions among customers to align concerns over purchase decisions