Although the insurance sector has invested nearly $ 28 billion in customer experience, only 49% of customers feel that their insurance provider will respond to basic needs, according to the Customer Compass report, a survey by EIS , The primary and digital platform provider for insurance companies.
EIS, in partnership with GlobalWebIndex, surveyed 1,057 insurance clients in the US, UK, France and Germany to gain insight into their expectations of the customer experience.. The survey suggested that as insurers direct their business and operating models to respond to the COVID-19 pandemic, those who succeed will be the ones who are prepared for digitally enabled customer interactions.. Globally, the top three factors for consumers when purchasing insurance were the ability to purchase products and services online (44%), the ability to offer prices based on consumers’ specific needs (42%), and ease of use.. Mobile applications (32%).
EIS said consumer opinions of insurers’ digital prowess « are startlingly low. ». Only 23% of consumers expected insurance companies to incorporate their experience via mobile, web and personal channels, and only 19% of insurers expected to know them and know their preferences after the interaction. EIS said this lower range represents an opportunity for digitally smart insurers to win business by exceeding expectations.
“Customer expectations that exceed the capabilities of an insurer is the clear call from the Customer Compass report,” said Anthony Grosso, Head of Global Marketing at EIS. . « Getting the user experience and personalization right across all digital channels is essential for insurers to meet consumer expectations of today’s digital lifestyle. However, insurance companies that can rapidly redesign the IT infrastructure to simplify the customer journey, and create products that better meet lifestyle and life-cycle needs, can become the one-stop-shop that consumers crave.. . These insurers will build consumer confidence and grow their businesses within the emerging consumer ecosystems.
Chance of owning a customer life cycle: The study found a gap of 36% between consumers who currently use one company for all of their insurance needs and those who would be happy to do so. « This is a huge market opportunity driven by access to new technology and newer pricing models, » EIS said..
Subscription and use-based insurance: Consumers can access more and more services through the subscription business model, and they want to access insurance protection in the same way, according to EIS. Sixty-six percent of survey respondents said they dislike being associated with annual contracts and prefer to pay monthly, with the option to cancel anytime..
The power of bundling: Open platforms and connected devices enable companies to bundle both insurance and non-insurance products. For example, 55% of survey respondents said they were interested in a housing package that includes home insurance, financing, basic home repairs, and all home amenities.. .
The study shows that the dispute between it and the direct-to-consumer insurance companies has put the agents at a disadvantage
Insurance, Consumer, Customer Experience, Marketing
World News – California – Less than half of insurance clients trust insurance companies to respond to basic needs – survey
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