Contact occasions in customer communication have only been insufficiently used by insurers so far
New study published by Majorel and Versicherungsforen Leipzig: Customer Management in the Insurance Business 2019.
Two thirds of executives in insurance companies attach high to very high importance to customer experience management.
Although there are several contact occasions, insurers have only been making insufficient use of them so far.
Around 40 percent of customers stated that they have gained experience in purchasing insurance policies on comparison portals.
When communicating with insurers, customers attach great importance to personal, simple and quick contact.
Gütersloh, June 6th, 2019
Two thirds of executives in insurance companies attach high to very high importance to customer experience management in their companies. But is this also reflected in their companies’ communication activities? And how do end customers perceive their service offerings? A recent study by Majorel and Versicherungsforen Leipzig deals with these questions. One of the central findings: Although there are several opportunities for contact, insurers have only been making insufficient use of them so far.
In many parts of the industry, the importance of communication oriented to the customers’ needs already seems to be well understood: Two thirds of the executives attach high to very high importance to customer experience management in their companies. But how is this implemented and what do their customers think?
Personal, easy and fast
One of the study’s key findings is that customers mainly get in touch with insurers when their circumstances change and there is a specific need for a new insurance product. However, so far insurers are rarely making use of reasons to proactively address their customers, such as regulatory changes or the launch of new products and services.
An analysis of the contact channels used throughout the customer journey shows that insurance intermediaries and the service center play a central role in customer contact. 64 percent of the customers interviewed stated that they have purchased insurance products through an intermediary, 75 percent initially seek contact via the service center in the event of claims and benefits. The development with regard to comparison portals is also interesting: Around 40 percent of customers stated that they have gained experience in purchasing insurance policies on comparison portals. From the customer's point of view, this channel is often used, but so far it has received only little attention from insurance companies. When communicating with insurers, customers attach great importance to personal, simple and quick contact. Therefore, they use classic channels such as intermediaries and service centers, but digital channels also play an increasingly important role.
For the study, a total of more than 600 customers and more than 70 managers of respected insurance companies were interviewed. Afterwards, the experiences and expectations of the customers were compared with the objectives and plans of the insurance companies and recommendations for action for insurance companies were derived.
Madeleine Kracke, Manager Sales & Business Transformation at Majorel Germany, says: “Many studies only look at future trends and technologies. Instead, we chose to take a snapshot from the perspectives of customers and executives in the insurance industry today. It was particularly important for us to find out what the relationship between end customers and insurers is like throughout the customer journey and where there are gaps between the insurers’ offers and the customers’ expectations, given these are the areas where we and our clients implement measures to optimize the customer experience.”
Thomas Dietsch, Vice President Sales & Business Development at Majorel Germany, says: “It will be exciting to see how customer behavior will develop in the future, especially in consulting and sales. One thing is certain: It will become increasingly important for insurers to keep an eye on the development of the customers' channel preferences throughout the customer journey and to keep realigning themselves.”
Kai Wedekind, Head of the Competence Team Sales & Service at Versicherungsforen Leipzig, says: “Today, the insurer-customer relationship is strongly characterized by passivity. As it has become increasingly difficult for insurers to differentiate themselves from their competitors, customer experience has become a decisive competitive advantage. There is a potential for optimization here, which can considerably influence customer loyalty.”
About Versicherungsforen Leipzig
Versicherungsforen Leipzig is a provider of research and development (R&D) services for the insurance industry. As a source of inspiration for the insurance industry, the core expertise of Versicherungsforen Leipzig lies in identifying and picking up on new trends and topics, as part of studies and research projects in which insurers are directly involved, for instance. Based on the latest scientific findings and specialist knowledge, Versicherungsforen Leipzig develops and implements pioneering solutions for the industry. As a result of working in the industry for many years, Versicherungsforen Leipzig has established a unique network for the mutual exchange of ideas and experiences within the insurance sector. For more information about Versicherungsforen Leipzig visit: www.versicherungsforen.net
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