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Even Insurers' Best Customers Are Leaving
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mcafeetech
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mcafeetech,
User Rank: Apprentice
8/18/2017 | 7:06:03 AM
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Kelly22
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Kelly22,
User Rank: Author
12/8/2014 | 10:10:49 AM
Re: Insurance "was" social
That's true; interesting point, as most people no longer see insurance as a social industry. It's a shame to see the decline of in-person interactions, but even the most traditional insurers have to rise to the expectations of today's customers.
Anshu Biswas
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Anshu Biswas,
User Rank: Apprentice
12/6/2014 | 9:58:26 PM
Insurance "was" social
Indeed a wake up call. Very interesting, Insurance a decade back was the most social form of business via Insurance agents who interacted at a personal level with policy holders. Seeing the same industry suffer from decreased customer interaction is nothing but a sheet wake up call.
KBurger
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KBurger,
User Rank: Author
12/5/2014 | 2:09:23 PM
Re: Call to action
Is the turnover policyholders leaving one insurance company for another insurance company? Or leaving an insurer for some other kind of non-insurance financial protection provider (that obviously would be more likely in life, annuities, etc. than in P&C)? That makes a huge difference in terms of assessing these trends. If customers are starting to do more business with non-insurers -- a trend we are seeing more dramatically in banking, where more consumers are handling financial services with non-banks -- that calls into question the industry's entire business model. If customers are more actively departing one insurer for another that better meets their needs (financial, contact, customization, tech-enabled, whatever) that definitely is significant but I would almost say it is good news because it suggests that some companies really "get it" and are making the right kinds of investments in customer experience/engagement, multi-channel, infrastructure, etc.
Kelly22
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Kelly22,
User Rank: Author
12/5/2014 | 1:52:54 PM
Call to action
I was pretty surprised by the statistic that fewer than 50% of North American policyholders have interacted with their insurers in the past year and a half - the scarcity of interaction really doesn't leave any room for error. This research is a wake-up call to insurers that aren't taking big steps to improve their customer experience strategies.


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