Shining a Global Spotlight on Customer Experience in the Insurance Industry

Today’s insurance customers are very technology savvy and their expectations regarding access to information and customer service continues to grow.

The days of calling your insurance agent for your claims and dues is replaced by contact centers, web sites, and mobile applications.

Insurers today must have the technological agility to integrate new communications and digital media into their IT infrastructure.

According to a recent report from CapGemini and Efman, the digital maturity level of the industry trails behind related industries such as banking.

While this might be an obstacle for some organizations due to the complex nature of the insurance business, there are a number of companies within the industry that are making great strides in integrating new digital channels (such as social media, interactive chat, and live video) into their sales or services operations.

By implementing omni-channel capabilities, these organizations have been able to enhance the customer experience.

Some of the interesting points include:

• Compared to 2012, insurers in several countries increased the percentage of customers having positive experiences.

• Those located in the United States were the most successful at this, with 51% of its customers citing positive experiences, making it the first country with more than half of its customer base having positive experiences (But only just!)

• On average, firms spend six to seven times more to attract new customers than retain existing ones.

In summary, running through the report are the veins of customer loyalty, the importance of technology and their impact on profitability – making it a great read for any organization, not just Insurance.

Learn more about our Insurance and Customer Experience Management capabilities here.

Please visit Avaya at SIFMA Tech in New York, June 17-18, Hilton New York http://www.sifma.org/tech2014/