Insurers - focusing on cutting costs alone, could be damaging your CXPublished on 19 Jun 2019
Cutting costs won’t cut it with insurance customers.
89% of insurance customers say they have switched carriers because of a poor customer experience.
The focus on cost cutting alone, perpetuates this issue. Instead Insurers need to differentiate themselves by making investments in CX, which includes their customer communications.
Our expert’s opinion:
Insurers must move away from the ‘cost savings’ mindset and focus on enhancing the CX by engaging with customers digitally and tracking their behavior to consistently improve the relevance of customer communication. The return on investment will be loyal customers who won’t be tempted to switch to another carrier. This should be the number one priority for insurers, as CX is now the key competitive differentiator – over product and price. A good place to begin is to review and align your digital communication strategy – if your customer messaging works to enhance CX – this will become your key differentiator. These are some ways digital communication can effectively drive CX in the insurance industry:
- Digitizing the customer experience (send bills, policies and other communication digitally)
- Converting customers from analogue to digital processes
- Using data to create personalized communications which drives customer engagement and satisfaction
- Placing custom offers into the body of the email – customers want relevant marketing information that is personalized according to their interests and life stage
VP of Customer Engagement, The Americas