“The purpose of a business is to create and keep a customer.” – Peter Drucker
Great customer experience goes a long way in keeping a customer, helps in earning their loyalty and even advocacy! Though every company strives to achieve this Holy Grail, only a few succeed. In fact, while 80 percent of CEOs believe that they are offering compelling customer experiences, only 8 percent of their customers tend to agree. This delivery gap has significant financial implications – businesses lose over USD 75 Billion dollars annually due to poor customer service.
In the insurance industry, disruptive trends such as pay-as-you-drive insurance are firing up customer expectations as well. However, many insurers are struggling to deliver the value that their customers, especially millennials, are demanding.
Aligning Customer Perception and Experience with Analytics
The good news is that insurers are willing to play catch up with industries such as retail in the customer experience game. Leading insurers are increasingly focussing on customer experience to remain competitive. They are also cognisant of the fact that data-driven analytical insights are key to getting to know their customers better.
Consequently, insurers are investing in social media analytics tools to identify real-time opportunities to influence customers. Insights extracted by these tools are helping them to steer customer opinion and narrow the customer experience gap.
Enhancing customer experience also involves improving a business’ technology platforms. In effect, a move from legacy systems to agile, digital systems. The deployment of customer-centric digital solutions, specifically, is helping insurers remain connected with their market by uncovering customer engagement opportunities.
Finding the Sweet Spot for Customer Satisfaction
According to Gartner, millennials are four times less likely to pick up the phone to seek resolution for issues. The same report adds that 69.2 percent of customers begin a resolution journey via channels external to the service provider, such as social media. As a result, insurers need to offer multiple customer interaction channels to help customers communicate through a channel of their choice.
Many insurance contact centres, for example, utilise a multi-channel strategy to connect with their customers. They also leverage data-driven insights from analytics to streamline customer interactions and strengthen customer relationships. Investment in analytics solutions allows businesses to monitor and analyse diverse customer interaction channels. The granular insights gathered through such analysis helps insurers offer personalised, context-rich interactions.
The route to customer satisfaction begins by being aware of what they want at every key touch point of the customer journey. Employing analytics solutions and future-ready technologies will give insurers access to the right data to manage brand perceptions. Additionally, it can also boost business agility – an imperative for competing in the current economic climate of rapid change.