From Face to Face to Facetime

Consumers are increasingly digitally dexterous and expect their insurer to deliver CX (Customer Experience) that encompasses a seamless, real-time, multi-channel offering. This represents a multifaceted challenge; every customer-facing function of an insurer has to consider and adapt to the latest developments in technology and communications as soon as it reaches reasonable levels of adoption – and that means preparing for such events well in advance. And even then, customer experiences can be significantly more negative than more traditional interactions with agents.

Research found that the agent channel delivered positive customer experience levels almost double that of digital channels. For whatever reason, this suggests that, as digital channels are increasingly used, insurers are poorly placed to maintain acceptable levels of satisfaction.

Perhaps just as worryingly, ‘Generation Y’ customers (who grew up with the internet and smart devices) registered a steeper drop in customer experience levels; not only does this demographic represent an increasingly valuable segment of the market, but their expectations are higher, their experience as customers less positive, and their medium of communication with insurers – digital – is significant less positive than more traditional mediums.

Whether this negativity is a function of social media and digital channels, or a demonstration of poor communication or channel management by insurers, is more difficult to establish. In part, it may simply be to do with the explosive growth of new channels, which is hard for organisations of all types, across all sectors, to keep up with. What is significant is that, as of 2020, Generation Y will make up 40% of the working population.

And that’s the point really, familiarity with smartphone applications is a huge opportunity. Using these tools to streamline claims, amendments to policies and overall communications is a vital response to the shift in control from a centralised ‘push the journey’ to a truly interactive and flexible dialogue between Insurer and Consumer.

To download a full copy of the report, please click here.

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