Without customers there is no business and without an insurance policy there won’t be any security for individuals in case of any family, self or property damage. In order, to build trust among the insured and the insurer what really matters is an end-to-end customer retention management technique, digital accessibility and a reformed FNOL service for an empowered consumer, whereby information management matters more than ever.
According to recent research conducted by Accenture, a whopping 41% of surveyed Property & Casualty insurance customers, said they were satisfied with the way their claim was handled, but still wanted to switch to another insurer, due to lackluster and misleading customer service.
Moving beyond the single customer experience for an end-to-end view
While the claims management process is widely recognized as a vital moment in the customer engagement activity, insurers have also noted that customers who have submitted a claim in the past two-three years are most likely to switch their providers than those who didn’t submit a claim.
Remember that the very act of filing a claim makes a customer much more likely to switch insurers, regardless of how satisfied they are with the experience.
And this is where we would like to point out something else.
- People want to protect or insure what’s dear to them and it’s important to recognize the full impact of that.
- It’s also important to look at how to make the difference from a customer perspective and, while doing so, taking the overall customer life cycle into account.
- Customer satisfaction, service, assistance and smooth claim processes alone don’t cut it but they do remain important.
The numbers game…
- Another survey conducted by the World Insurance Report 2015-16, insurers anticipates that by 2018 20% of their business will be generated and run through internet and 11% via mobile channels. This has led many insurers to focus on the design of an engaging customer experiences.
- Also, according to the World Insurance Report, by 2018 nearly one-third of the insurance industry’s business is expected to occur digitally.
- By 2018, insurers anticipate nearly one-fifth of their business to be generated through internet, up from 12.7% in 2013. Another 10.9% is expected to come via mobile channels, up from a mere 1.5% in 2013. In effect, within five years, nearly one-third of the insurance industry’s business is expected to occur digitally.