With online reviews and ratings influencing 60% of purchasing decisions, customer experience has become the primary battleground for insurers. However, as insurers prioritize digital and mobile first experiences, today’s consumers demand a seamless omnichannel experience. In fact, 75% of consumers would switch to a competitor if the insurer isn’t able to provide a seamless customer experience across all channels. Consumer trust today is less guided by an insurer’s “seasoned brand reputation,” and is largely driven by the trust built through providing personalized experiences and products.
As insurers continue to move along their digital transformation journey to respond to a variety of customer demands, they are now confront by a new challenge: doing what is “right” for customers has taken on a new meaning this year. With millions impacted by a global pandemic, communicating with transparency, clarity and speed is more important than ever. The pressure created by the global pandemic for insurers to work, sell, serve, and communicate with customers in a remote setting has put a spotlight on the lack of progress made in digital transformation efforts across insurers’ working practices, communication processes, platforms and tools. And there are organizations — insurtechs and big technology organizations such as Amazon, Apple and Google — staking a claim in the insurance space to capitalize on the existing customer experience gap.
As such, savvy insurers have accelerated their plans to become more adaptable to ever-changing customer demands and to evolving and new regulations, all to deliver an elegant, difficult-to-replicate experience. With any misstep, insurers risk losing customers that were costly to acquire. However, when done right, an insurer has a shot at a winner-takes-all market that is quickly being taken over by tech companies.
Join Quadient and a select group of insurance industry thought leaders as we dedicate an interactive discussion on how to drive business value by doing the right thing by your customers though delivering meaningful communications and interactions that improve the customer experience.