is trust the biggest issue?
TRANSCRIPT
INSURANCE AND THE CUSTOMER EXPERIENCE
IS TRUST THE
BIGGEST ISSUE
t probably goes without saying that
improving customer satisfaction is a
challenge for any business From
delivering consistency across all channels to
keeping up with a rapid pace of technological
change and an increasingly demanding
customer base the road to transformation can
appear daunting to most But as the upcoming
CX Insurance event will highlight the
challenge to insurance providers can seem
even greater
In the land of the blindhellip
Not only are the common CX hurdles
difficult to jump a vast amount of companies
remain in the dark when it comes to
understanding their own levels of success or
even the perception the public has about their
brand According to a recent study
undertaken by Bain amp Co 80 of companies
surveyed believe they provide a ldquosuperior
experiencerdquo but only a mere 8 percent of
companies had customers who agreed with
that stance In that same study the
commercial impact was also evident Of the
80 of lsquomisguidedrsquo companies average
annual revenue growth was notched at just
2 Of those that were actually doing things
rightA massive 19
All is not lost Recent figures quoted by
Success CXP also suggest that nearly all
businesses are savvy enough to put CX
among its top priorities and wish to be
recognised as leaders in this field So far
around a third of companies are just getting
started with a formal initiative while only a
fifth consider their initiative to be lsquoadvancedrsquo
in its design So change is afoot but not all
that quickly
However many of these companies are
insurance companies an industry infamous
for its slow uptake of true CX
C X N E T W O R K
I
F E B R U A R Y 2 0 1 6 C X N E T W O R K
CYNICISM towards mass media big business amp government CONSUMPTION behaviours are undergoing a cultural shift COMMUNITY becoming redefined and seeking sense of belonging CUSTOMISATION is now a critical element of the 11 experience COMMUNICATION for customers means always being connected but easily overwhelmed CONSERVATION is quickly becoming a way of life CONVENIENCE because desire for instant gratification can drive innovation
7 Deadly Trends of Customer Experience
Source Donna Peebles
transformation Of course there is fair
argument that they have a much tougher task
on their hands CX centres on easy customer
engagement straight-talk and ndash perhaps the
key ingredient ndash trust
Those who offer insurance have the chips
stacked against them in all categories let alone
when it comes to having a culture of
technological innovation needed to keep up
with consumer demand Other markets have
found ways to reinvent themselves such as
digital companies benefiting relationships
through multi-product models (from DVDs
to washing machines and ndash yes ndash even
insurance) whereas conventional insurers
have failed to be proactive
As an example a survey on the subject of
Multi-Channel CX for Insurance recently
evaluated ten insurance companies from
across the general motor home life and pet
sectors on the basis of a number of crucial
CX factors Among the results only three of
ten insurers successfully responded to
customer contact via Twitter only five of ten
successfully responded to a customer email
and one insurer even failed to respond to all
ten customer questions posed to it online
With the exception of a few countries the
percentage of insurance customers reporting
positive experiences is fewer than 30 worse
than in banking
The elephant in the room
Mention insurance to most people outside the
business and the reaction is likely to be less
than lukewarm More often than not
customers will only connect with their
providers through necessity ndash when they are
having to form a new plan or make a claim
Almost no one relishes this prospect This
provides little time for insurance companies
to offer an enhanced personal service or to
gain a better understanding of their
customers to leverage new promotions But if
there is one massive strike against the
industryrsquos name it is the common belief that
insurance providers are money-oriented and
not people-oriented By nature of the
industry insurance could never work on the
(often ill-advised) mantra of lsquocustomer is
always rightrsquo That means dialogue between
company and customer is often impeded by a
mutual sense of distrust warranted or not
The trust factor is rising up the ranks of
customer concerns A CapGemini study
found that it was the third most important
factor in determining whether a customer
chooses to take up with a life or non-life
insurer falling just behind price and product
features but bearing more weight than aspects
like ease of purchase loyalty awards and even
online accessibility
C X N E T W O R K
C X N E T W O R K F E B R U A R Y 2 0 1 6
lsquoThe common belief is that insurance providers are money-oriented and not people-orientedrsquo
This raises the question are insurers listening
If they put their ear to the ground they may
not like what they hear With social media
now making the likelihood of a dissatisfied
voice being broadcast for all to hear insurers
need to interpret this in terms of a business
risk 84 of customers trust the experience
of other consumers outweighing any active
or reactive marketing efforts a company can
offer This means that as much as insurers
need to have the capability to respond to
these broadcasts immediately efforts are best
placed in nurturing a positive experience in
the first instance then encouraging social
broadcasting of these individual
achievements
Meanwhile the very subject of
communication across all channels is as much
a matter of trustworthiness as the service
provided Sending a message out and
receiving no response can be interpreted as
incompetence detachment or even outright
contempt for the customer In a moment
where a problem needs an answer a lack of
input can transfer the customerrsquos frustration
from the issue at hand to the insurer itself
Inversely an immediate and helpful response
can endear even those in the midst of a
meltdown And donrsquot think that wonrsquot be
remembered To an insurer a policy may look
like a piece of paper To a customer it is their
future in an envelope
Fraud presents another unique stumbling
block for insurers costing the industry $30
billion each year With fraudulent claims on
the rise carriers require smarter and more
effective security and prevention technologies
Relying on this analysis to be done after a
claim has been made serves to erode trust
C X N E T W O R K
F E B R U A R Y 2 0 1 6 C X N E T W O R K
Not a ldquosexyrdquo product
An inherited imageculture
Lack of transparency Can feel remote
Claims process can be cumbersome
Emotional customers vs rational business
Preconception that ldquothey wonrsquot pay outrdquo
Providers prioritise cost-containment
Providers assume many claims are
fraudulent
Insurers donrsquot generally valuereward loyalty
Customers treated like strangers with every contact Too much jargon
Impenetrable comms Complex Ts amp Cs
From the CTX Insurance 2015 Workshop
Why the lack of trust in insurance providers
Fredi Lienhardt VP of the Big Data amp Smart
Analytics Centre at Swiss Re told a CX
Network conference that ldquoIt is important for
insurance companies to start providing tailor
made products that are completely aligned to
the needs of the customer at the time they
want it This can be achieved through reacting
in real-time being flexible and really listening
to the wants and needs of the customerrdquo
hellipSo are we overthinking the problem
C X N E T W O R K
C X N E T W O R K F E B R U A R Y 2 0 1 6
Accidents and fires common after a sunny
bank holiday
Be available
How insurance providers
could address the trust issue
Duringafter a severe weather event
Is 247 availability a possibility
Make it easy for customers to provide
more information
Gather data to proactively communicate when customer needs help
Could incentivise through funcompetitiive promotions
Explore biometrics and advanced tech
Greet customers warmly not ldquoHello whatrsquos your
policy numberrdquo
Understand changes in life
stagecircumstance
ldquoProtect my familyrdquo
ldquoTake me with yourdquo on the journey
Make the important information short and clear
Follow up to check people understand what they have bought
BEFORE they need to claim
Emulate Santanderrsquos ldquowelcomerdquo calls
Make the important information short and clear
Insurance is a ldquokeeping life on trackrdquo service
Emulate South Africarsquos ldquoAll Liferdquo
service
Quick recovery after an event
Offer severe weather alerts relevant to
homemotorhealth
From the CTX Insurance 2015 Workshop
You canrsquot buy trusthellipor can you
To begin the fight back insurance companies
simply need to move from providing remote
product-led information to their customers to
focusing on an optimised experience that is
open human-led and promotes engagement
In other words ndash embarking on a mission to
improve trust
Being price-sensitive towards customers can
lead to them holding multiple products with a
carrier which in turn can lead to the lsquoorganicrsquo
advantages of word-of-mouth and social
media recommendations In the bid for
securing customer lifetime value these are key
factors to consider and leverage
To get there all insurers need to seriously
consider transforming digitally both internally
and customer-facing Technology upgrades
and upskilling staff are both necessary to
engage with customers on a multi-channel
basis as well as to prepare for the innovations
in online interaction that lie just around the
corner At the same time if more
advancement and investment can be made
into countering fraud as it occurs ndash or
deterring it altogether ndash customer-carrier
engagement has less chance of being
darkened by the shadow of investigation
None of this should be interpreted as a tough
expense The easier the customer journey the
fewer repeat interactions and errors which
results in lower cost Ultimately improving
customer experience not only enhances the
time the customer spends with employees but
also increases revenue thereby raking back in
a return on investment
With this in mind if trust is the issue
investment may well be the answer
Customer Experience Transformation Insurance 2016 will return to London UK on 25-26 May offering the insurance
industry invaluable insight into bull Addressing your insurance-specific
customer experience needs bull Benchmarking against the industry
leaders and your peers to gain an understanding of the market
bull Establishing the next steps you need to take in your customer experience journey
bull Learning how the latest technologies can help you attract and retain customers
bull Discovering how to engage your customers to reduce churn rates
C X N E T W O R K
F E B R U A R Y 2 0 1 6 C X N E T W O R K
CLICK TO FIND OUT MORE
25 - 26 May 2015 London UK
2015 brought alarming news for the insurance industry in the form of two industry studies which reported record-breaking drops in customer experience satisfaction Insurance companies are fast realising that customer experience now one of the most important ways to achieve competitive
differentiation in an increasingly commoditised market Customers have more options and higher expectations than ever before and very little loyalty to insurance companies Creating truly engaged customers is the most sure-fire way to ensure a reduction in churn levels and increased profitability For todayrsquos customer this means an engaging digital experience fast-response times and a company which puts the customer first Customer Experience Transformation Insurance will bring together pioneering customer experience leaders in the insurance industry to guide you through the best ways to achieve true customer satisfaction loyalty
Download the agenda Discover how to bull Address your insurance-specific customer experience needs bull Benchmark against the industry leaders and your peers to gain an understanding of the market bull Establish the next steps you need to take in your customer experience journey bull Learn how the latest technologies can help you attract and retain customers bull Discover how to engage your customers to reduce churn rates
wwwcustomerexperienceinsurancecom enquireiqpccouk +44 (0) 207 036 1300
BOOK NOW
Delivering a positive customer experience to reduce churn and differentiate from competitors CXinsurance
t probably goes without saying that
improving customer satisfaction is a
challenge for any business From
delivering consistency across all channels to
keeping up with a rapid pace of technological
change and an increasingly demanding
customer base the road to transformation can
appear daunting to most But as the upcoming
CX Insurance event will highlight the
challenge to insurance providers can seem
even greater
In the land of the blindhellip
Not only are the common CX hurdles
difficult to jump a vast amount of companies
remain in the dark when it comes to
understanding their own levels of success or
even the perception the public has about their
brand According to a recent study
undertaken by Bain amp Co 80 of companies
surveyed believe they provide a ldquosuperior
experiencerdquo but only a mere 8 percent of
companies had customers who agreed with
that stance In that same study the
commercial impact was also evident Of the
80 of lsquomisguidedrsquo companies average
annual revenue growth was notched at just
2 Of those that were actually doing things
rightA massive 19
All is not lost Recent figures quoted by
Success CXP also suggest that nearly all
businesses are savvy enough to put CX
among its top priorities and wish to be
recognised as leaders in this field So far
around a third of companies are just getting
started with a formal initiative while only a
fifth consider their initiative to be lsquoadvancedrsquo
in its design So change is afoot but not all
that quickly
However many of these companies are
insurance companies an industry infamous
for its slow uptake of true CX
C X N E T W O R K
I
F E B R U A R Y 2 0 1 6 C X N E T W O R K
CYNICISM towards mass media big business amp government CONSUMPTION behaviours are undergoing a cultural shift COMMUNITY becoming redefined and seeking sense of belonging CUSTOMISATION is now a critical element of the 11 experience COMMUNICATION for customers means always being connected but easily overwhelmed CONSERVATION is quickly becoming a way of life CONVENIENCE because desire for instant gratification can drive innovation
7 Deadly Trends of Customer Experience
Source Donna Peebles
transformation Of course there is fair
argument that they have a much tougher task
on their hands CX centres on easy customer
engagement straight-talk and ndash perhaps the
key ingredient ndash trust
Those who offer insurance have the chips
stacked against them in all categories let alone
when it comes to having a culture of
technological innovation needed to keep up
with consumer demand Other markets have
found ways to reinvent themselves such as
digital companies benefiting relationships
through multi-product models (from DVDs
to washing machines and ndash yes ndash even
insurance) whereas conventional insurers
have failed to be proactive
As an example a survey on the subject of
Multi-Channel CX for Insurance recently
evaluated ten insurance companies from
across the general motor home life and pet
sectors on the basis of a number of crucial
CX factors Among the results only three of
ten insurers successfully responded to
customer contact via Twitter only five of ten
successfully responded to a customer email
and one insurer even failed to respond to all
ten customer questions posed to it online
With the exception of a few countries the
percentage of insurance customers reporting
positive experiences is fewer than 30 worse
than in banking
The elephant in the room
Mention insurance to most people outside the
business and the reaction is likely to be less
than lukewarm More often than not
customers will only connect with their
providers through necessity ndash when they are
having to form a new plan or make a claim
Almost no one relishes this prospect This
provides little time for insurance companies
to offer an enhanced personal service or to
gain a better understanding of their
customers to leverage new promotions But if
there is one massive strike against the
industryrsquos name it is the common belief that
insurance providers are money-oriented and
not people-oriented By nature of the
industry insurance could never work on the
(often ill-advised) mantra of lsquocustomer is
always rightrsquo That means dialogue between
company and customer is often impeded by a
mutual sense of distrust warranted or not
The trust factor is rising up the ranks of
customer concerns A CapGemini study
found that it was the third most important
factor in determining whether a customer
chooses to take up with a life or non-life
insurer falling just behind price and product
features but bearing more weight than aspects
like ease of purchase loyalty awards and even
online accessibility
C X N E T W O R K
C X N E T W O R K F E B R U A R Y 2 0 1 6
lsquoThe common belief is that insurance providers are money-oriented and not people-orientedrsquo
This raises the question are insurers listening
If they put their ear to the ground they may
not like what they hear With social media
now making the likelihood of a dissatisfied
voice being broadcast for all to hear insurers
need to interpret this in terms of a business
risk 84 of customers trust the experience
of other consumers outweighing any active
or reactive marketing efforts a company can
offer This means that as much as insurers
need to have the capability to respond to
these broadcasts immediately efforts are best
placed in nurturing a positive experience in
the first instance then encouraging social
broadcasting of these individual
achievements
Meanwhile the very subject of
communication across all channels is as much
a matter of trustworthiness as the service
provided Sending a message out and
receiving no response can be interpreted as
incompetence detachment or even outright
contempt for the customer In a moment
where a problem needs an answer a lack of
input can transfer the customerrsquos frustration
from the issue at hand to the insurer itself
Inversely an immediate and helpful response
can endear even those in the midst of a
meltdown And donrsquot think that wonrsquot be
remembered To an insurer a policy may look
like a piece of paper To a customer it is their
future in an envelope
Fraud presents another unique stumbling
block for insurers costing the industry $30
billion each year With fraudulent claims on
the rise carriers require smarter and more
effective security and prevention technologies
Relying on this analysis to be done after a
claim has been made serves to erode trust
C X N E T W O R K
F E B R U A R Y 2 0 1 6 C X N E T W O R K
Not a ldquosexyrdquo product
An inherited imageculture
Lack of transparency Can feel remote
Claims process can be cumbersome
Emotional customers vs rational business
Preconception that ldquothey wonrsquot pay outrdquo
Providers prioritise cost-containment
Providers assume many claims are
fraudulent
Insurers donrsquot generally valuereward loyalty
Customers treated like strangers with every contact Too much jargon
Impenetrable comms Complex Ts amp Cs
From the CTX Insurance 2015 Workshop
Why the lack of trust in insurance providers
Fredi Lienhardt VP of the Big Data amp Smart
Analytics Centre at Swiss Re told a CX
Network conference that ldquoIt is important for
insurance companies to start providing tailor
made products that are completely aligned to
the needs of the customer at the time they
want it This can be achieved through reacting
in real-time being flexible and really listening
to the wants and needs of the customerrdquo
hellipSo are we overthinking the problem
C X N E T W O R K
C X N E T W O R K F E B R U A R Y 2 0 1 6
Accidents and fires common after a sunny
bank holiday
Be available
How insurance providers
could address the trust issue
Duringafter a severe weather event
Is 247 availability a possibility
Make it easy for customers to provide
more information
Gather data to proactively communicate when customer needs help
Could incentivise through funcompetitiive promotions
Explore biometrics and advanced tech
Greet customers warmly not ldquoHello whatrsquos your
policy numberrdquo
Understand changes in life
stagecircumstance
ldquoProtect my familyrdquo
ldquoTake me with yourdquo on the journey
Make the important information short and clear
Follow up to check people understand what they have bought
BEFORE they need to claim
Emulate Santanderrsquos ldquowelcomerdquo calls
Make the important information short and clear
Insurance is a ldquokeeping life on trackrdquo service
Emulate South Africarsquos ldquoAll Liferdquo
service
Quick recovery after an event
Offer severe weather alerts relevant to
homemotorhealth
From the CTX Insurance 2015 Workshop
You canrsquot buy trusthellipor can you
To begin the fight back insurance companies
simply need to move from providing remote
product-led information to their customers to
focusing on an optimised experience that is
open human-led and promotes engagement
In other words ndash embarking on a mission to
improve trust
Being price-sensitive towards customers can
lead to them holding multiple products with a
carrier which in turn can lead to the lsquoorganicrsquo
advantages of word-of-mouth and social
media recommendations In the bid for
securing customer lifetime value these are key
factors to consider and leverage
To get there all insurers need to seriously
consider transforming digitally both internally
and customer-facing Technology upgrades
and upskilling staff are both necessary to
engage with customers on a multi-channel
basis as well as to prepare for the innovations
in online interaction that lie just around the
corner At the same time if more
advancement and investment can be made
into countering fraud as it occurs ndash or
deterring it altogether ndash customer-carrier
engagement has less chance of being
darkened by the shadow of investigation
None of this should be interpreted as a tough
expense The easier the customer journey the
fewer repeat interactions and errors which
results in lower cost Ultimately improving
customer experience not only enhances the
time the customer spends with employees but
also increases revenue thereby raking back in
a return on investment
With this in mind if trust is the issue
investment may well be the answer
Customer Experience Transformation Insurance 2016 will return to London UK on 25-26 May offering the insurance
industry invaluable insight into bull Addressing your insurance-specific
customer experience needs bull Benchmarking against the industry
leaders and your peers to gain an understanding of the market
bull Establishing the next steps you need to take in your customer experience journey
bull Learning how the latest technologies can help you attract and retain customers
bull Discovering how to engage your customers to reduce churn rates
C X N E T W O R K
F E B R U A R Y 2 0 1 6 C X N E T W O R K
CLICK TO FIND OUT MORE
25 - 26 May 2015 London UK
2015 brought alarming news for the insurance industry in the form of two industry studies which reported record-breaking drops in customer experience satisfaction Insurance companies are fast realising that customer experience now one of the most important ways to achieve competitive
differentiation in an increasingly commoditised market Customers have more options and higher expectations than ever before and very little loyalty to insurance companies Creating truly engaged customers is the most sure-fire way to ensure a reduction in churn levels and increased profitability For todayrsquos customer this means an engaging digital experience fast-response times and a company which puts the customer first Customer Experience Transformation Insurance will bring together pioneering customer experience leaders in the insurance industry to guide you through the best ways to achieve true customer satisfaction loyalty
Download the agenda Discover how to bull Address your insurance-specific customer experience needs bull Benchmark against the industry leaders and your peers to gain an understanding of the market bull Establish the next steps you need to take in your customer experience journey bull Learn how the latest technologies can help you attract and retain customers bull Discover how to engage your customers to reduce churn rates
wwwcustomerexperienceinsurancecom enquireiqpccouk +44 (0) 207 036 1300
BOOK NOW
Delivering a positive customer experience to reduce churn and differentiate from competitors CXinsurance
transformation Of course there is fair
argument that they have a much tougher task
on their hands CX centres on easy customer
engagement straight-talk and ndash perhaps the
key ingredient ndash trust
Those who offer insurance have the chips
stacked against them in all categories let alone
when it comes to having a culture of
technological innovation needed to keep up
with consumer demand Other markets have
found ways to reinvent themselves such as
digital companies benefiting relationships
through multi-product models (from DVDs
to washing machines and ndash yes ndash even
insurance) whereas conventional insurers
have failed to be proactive
As an example a survey on the subject of
Multi-Channel CX for Insurance recently
evaluated ten insurance companies from
across the general motor home life and pet
sectors on the basis of a number of crucial
CX factors Among the results only three of
ten insurers successfully responded to
customer contact via Twitter only five of ten
successfully responded to a customer email
and one insurer even failed to respond to all
ten customer questions posed to it online
With the exception of a few countries the
percentage of insurance customers reporting
positive experiences is fewer than 30 worse
than in banking
The elephant in the room
Mention insurance to most people outside the
business and the reaction is likely to be less
than lukewarm More often than not
customers will only connect with their
providers through necessity ndash when they are
having to form a new plan or make a claim
Almost no one relishes this prospect This
provides little time for insurance companies
to offer an enhanced personal service or to
gain a better understanding of their
customers to leverage new promotions But if
there is one massive strike against the
industryrsquos name it is the common belief that
insurance providers are money-oriented and
not people-oriented By nature of the
industry insurance could never work on the
(often ill-advised) mantra of lsquocustomer is
always rightrsquo That means dialogue between
company and customer is often impeded by a
mutual sense of distrust warranted or not
The trust factor is rising up the ranks of
customer concerns A CapGemini study
found that it was the third most important
factor in determining whether a customer
chooses to take up with a life or non-life
insurer falling just behind price and product
features but bearing more weight than aspects
like ease of purchase loyalty awards and even
online accessibility
C X N E T W O R K
C X N E T W O R K F E B R U A R Y 2 0 1 6
lsquoThe common belief is that insurance providers are money-oriented and not people-orientedrsquo
This raises the question are insurers listening
If they put their ear to the ground they may
not like what they hear With social media
now making the likelihood of a dissatisfied
voice being broadcast for all to hear insurers
need to interpret this in terms of a business
risk 84 of customers trust the experience
of other consumers outweighing any active
or reactive marketing efforts a company can
offer This means that as much as insurers
need to have the capability to respond to
these broadcasts immediately efforts are best
placed in nurturing a positive experience in
the first instance then encouraging social
broadcasting of these individual
achievements
Meanwhile the very subject of
communication across all channels is as much
a matter of trustworthiness as the service
provided Sending a message out and
receiving no response can be interpreted as
incompetence detachment or even outright
contempt for the customer In a moment
where a problem needs an answer a lack of
input can transfer the customerrsquos frustration
from the issue at hand to the insurer itself
Inversely an immediate and helpful response
can endear even those in the midst of a
meltdown And donrsquot think that wonrsquot be
remembered To an insurer a policy may look
like a piece of paper To a customer it is their
future in an envelope
Fraud presents another unique stumbling
block for insurers costing the industry $30
billion each year With fraudulent claims on
the rise carriers require smarter and more
effective security and prevention technologies
Relying on this analysis to be done after a
claim has been made serves to erode trust
C X N E T W O R K
F E B R U A R Y 2 0 1 6 C X N E T W O R K
Not a ldquosexyrdquo product
An inherited imageculture
Lack of transparency Can feel remote
Claims process can be cumbersome
Emotional customers vs rational business
Preconception that ldquothey wonrsquot pay outrdquo
Providers prioritise cost-containment
Providers assume many claims are
fraudulent
Insurers donrsquot generally valuereward loyalty
Customers treated like strangers with every contact Too much jargon
Impenetrable comms Complex Ts amp Cs
From the CTX Insurance 2015 Workshop
Why the lack of trust in insurance providers
Fredi Lienhardt VP of the Big Data amp Smart
Analytics Centre at Swiss Re told a CX
Network conference that ldquoIt is important for
insurance companies to start providing tailor
made products that are completely aligned to
the needs of the customer at the time they
want it This can be achieved through reacting
in real-time being flexible and really listening
to the wants and needs of the customerrdquo
hellipSo are we overthinking the problem
C X N E T W O R K
C X N E T W O R K F E B R U A R Y 2 0 1 6
Accidents and fires common after a sunny
bank holiday
Be available
How insurance providers
could address the trust issue
Duringafter a severe weather event
Is 247 availability a possibility
Make it easy for customers to provide
more information
Gather data to proactively communicate when customer needs help
Could incentivise through funcompetitiive promotions
Explore biometrics and advanced tech
Greet customers warmly not ldquoHello whatrsquos your
policy numberrdquo
Understand changes in life
stagecircumstance
ldquoProtect my familyrdquo
ldquoTake me with yourdquo on the journey
Make the important information short and clear
Follow up to check people understand what they have bought
BEFORE they need to claim
Emulate Santanderrsquos ldquowelcomerdquo calls
Make the important information short and clear
Insurance is a ldquokeeping life on trackrdquo service
Emulate South Africarsquos ldquoAll Liferdquo
service
Quick recovery after an event
Offer severe weather alerts relevant to
homemotorhealth
From the CTX Insurance 2015 Workshop
You canrsquot buy trusthellipor can you
To begin the fight back insurance companies
simply need to move from providing remote
product-led information to their customers to
focusing on an optimised experience that is
open human-led and promotes engagement
In other words ndash embarking on a mission to
improve trust
Being price-sensitive towards customers can
lead to them holding multiple products with a
carrier which in turn can lead to the lsquoorganicrsquo
advantages of word-of-mouth and social
media recommendations In the bid for
securing customer lifetime value these are key
factors to consider and leverage
To get there all insurers need to seriously
consider transforming digitally both internally
and customer-facing Technology upgrades
and upskilling staff are both necessary to
engage with customers on a multi-channel
basis as well as to prepare for the innovations
in online interaction that lie just around the
corner At the same time if more
advancement and investment can be made
into countering fraud as it occurs ndash or
deterring it altogether ndash customer-carrier
engagement has less chance of being
darkened by the shadow of investigation
None of this should be interpreted as a tough
expense The easier the customer journey the
fewer repeat interactions and errors which
results in lower cost Ultimately improving
customer experience not only enhances the
time the customer spends with employees but
also increases revenue thereby raking back in
a return on investment
With this in mind if trust is the issue
investment may well be the answer
Customer Experience Transformation Insurance 2016 will return to London UK on 25-26 May offering the insurance
industry invaluable insight into bull Addressing your insurance-specific
customer experience needs bull Benchmarking against the industry
leaders and your peers to gain an understanding of the market
bull Establishing the next steps you need to take in your customer experience journey
bull Learning how the latest technologies can help you attract and retain customers
bull Discovering how to engage your customers to reduce churn rates
C X N E T W O R K
F E B R U A R Y 2 0 1 6 C X N E T W O R K
CLICK TO FIND OUT MORE
25 - 26 May 2015 London UK
2015 brought alarming news for the insurance industry in the form of two industry studies which reported record-breaking drops in customer experience satisfaction Insurance companies are fast realising that customer experience now one of the most important ways to achieve competitive
differentiation in an increasingly commoditised market Customers have more options and higher expectations than ever before and very little loyalty to insurance companies Creating truly engaged customers is the most sure-fire way to ensure a reduction in churn levels and increased profitability For todayrsquos customer this means an engaging digital experience fast-response times and a company which puts the customer first Customer Experience Transformation Insurance will bring together pioneering customer experience leaders in the insurance industry to guide you through the best ways to achieve true customer satisfaction loyalty
Download the agenda Discover how to bull Address your insurance-specific customer experience needs bull Benchmark against the industry leaders and your peers to gain an understanding of the market bull Establish the next steps you need to take in your customer experience journey bull Learn how the latest technologies can help you attract and retain customers bull Discover how to engage your customers to reduce churn rates
wwwcustomerexperienceinsurancecom enquireiqpccouk +44 (0) 207 036 1300
BOOK NOW
Delivering a positive customer experience to reduce churn and differentiate from competitors CXinsurance
This raises the question are insurers listening
If they put their ear to the ground they may
not like what they hear With social media
now making the likelihood of a dissatisfied
voice being broadcast for all to hear insurers
need to interpret this in terms of a business
risk 84 of customers trust the experience
of other consumers outweighing any active
or reactive marketing efforts a company can
offer This means that as much as insurers
need to have the capability to respond to
these broadcasts immediately efforts are best
placed in nurturing a positive experience in
the first instance then encouraging social
broadcasting of these individual
achievements
Meanwhile the very subject of
communication across all channels is as much
a matter of trustworthiness as the service
provided Sending a message out and
receiving no response can be interpreted as
incompetence detachment or even outright
contempt for the customer In a moment
where a problem needs an answer a lack of
input can transfer the customerrsquos frustration
from the issue at hand to the insurer itself
Inversely an immediate and helpful response
can endear even those in the midst of a
meltdown And donrsquot think that wonrsquot be
remembered To an insurer a policy may look
like a piece of paper To a customer it is their
future in an envelope
Fraud presents another unique stumbling
block for insurers costing the industry $30
billion each year With fraudulent claims on
the rise carriers require smarter and more
effective security and prevention technologies
Relying on this analysis to be done after a
claim has been made serves to erode trust
C X N E T W O R K
F E B R U A R Y 2 0 1 6 C X N E T W O R K
Not a ldquosexyrdquo product
An inherited imageculture
Lack of transparency Can feel remote
Claims process can be cumbersome
Emotional customers vs rational business
Preconception that ldquothey wonrsquot pay outrdquo
Providers prioritise cost-containment
Providers assume many claims are
fraudulent
Insurers donrsquot generally valuereward loyalty
Customers treated like strangers with every contact Too much jargon
Impenetrable comms Complex Ts amp Cs
From the CTX Insurance 2015 Workshop
Why the lack of trust in insurance providers
Fredi Lienhardt VP of the Big Data amp Smart
Analytics Centre at Swiss Re told a CX
Network conference that ldquoIt is important for
insurance companies to start providing tailor
made products that are completely aligned to
the needs of the customer at the time they
want it This can be achieved through reacting
in real-time being flexible and really listening
to the wants and needs of the customerrdquo
hellipSo are we overthinking the problem
C X N E T W O R K
C X N E T W O R K F E B R U A R Y 2 0 1 6
Accidents and fires common after a sunny
bank holiday
Be available
How insurance providers
could address the trust issue
Duringafter a severe weather event
Is 247 availability a possibility
Make it easy for customers to provide
more information
Gather data to proactively communicate when customer needs help
Could incentivise through funcompetitiive promotions
Explore biometrics and advanced tech
Greet customers warmly not ldquoHello whatrsquos your
policy numberrdquo
Understand changes in life
stagecircumstance
ldquoProtect my familyrdquo
ldquoTake me with yourdquo on the journey
Make the important information short and clear
Follow up to check people understand what they have bought
BEFORE they need to claim
Emulate Santanderrsquos ldquowelcomerdquo calls
Make the important information short and clear
Insurance is a ldquokeeping life on trackrdquo service
Emulate South Africarsquos ldquoAll Liferdquo
service
Quick recovery after an event
Offer severe weather alerts relevant to
homemotorhealth
From the CTX Insurance 2015 Workshop
You canrsquot buy trusthellipor can you
To begin the fight back insurance companies
simply need to move from providing remote
product-led information to their customers to
focusing on an optimised experience that is
open human-led and promotes engagement
In other words ndash embarking on a mission to
improve trust
Being price-sensitive towards customers can
lead to them holding multiple products with a
carrier which in turn can lead to the lsquoorganicrsquo
advantages of word-of-mouth and social
media recommendations In the bid for
securing customer lifetime value these are key
factors to consider and leverage
To get there all insurers need to seriously
consider transforming digitally both internally
and customer-facing Technology upgrades
and upskilling staff are both necessary to
engage with customers on a multi-channel
basis as well as to prepare for the innovations
in online interaction that lie just around the
corner At the same time if more
advancement and investment can be made
into countering fraud as it occurs ndash or
deterring it altogether ndash customer-carrier
engagement has less chance of being
darkened by the shadow of investigation
None of this should be interpreted as a tough
expense The easier the customer journey the
fewer repeat interactions and errors which
results in lower cost Ultimately improving
customer experience not only enhances the
time the customer spends with employees but
also increases revenue thereby raking back in
a return on investment
With this in mind if trust is the issue
investment may well be the answer
Customer Experience Transformation Insurance 2016 will return to London UK on 25-26 May offering the insurance
industry invaluable insight into bull Addressing your insurance-specific
customer experience needs bull Benchmarking against the industry
leaders and your peers to gain an understanding of the market
bull Establishing the next steps you need to take in your customer experience journey
bull Learning how the latest technologies can help you attract and retain customers
bull Discovering how to engage your customers to reduce churn rates
C X N E T W O R K
F E B R U A R Y 2 0 1 6 C X N E T W O R K
CLICK TO FIND OUT MORE
25 - 26 May 2015 London UK
2015 brought alarming news for the insurance industry in the form of two industry studies which reported record-breaking drops in customer experience satisfaction Insurance companies are fast realising that customer experience now one of the most important ways to achieve competitive
differentiation in an increasingly commoditised market Customers have more options and higher expectations than ever before and very little loyalty to insurance companies Creating truly engaged customers is the most sure-fire way to ensure a reduction in churn levels and increased profitability For todayrsquos customer this means an engaging digital experience fast-response times and a company which puts the customer first Customer Experience Transformation Insurance will bring together pioneering customer experience leaders in the insurance industry to guide you through the best ways to achieve true customer satisfaction loyalty
Download the agenda Discover how to bull Address your insurance-specific customer experience needs bull Benchmark against the industry leaders and your peers to gain an understanding of the market bull Establish the next steps you need to take in your customer experience journey bull Learn how the latest technologies can help you attract and retain customers bull Discover how to engage your customers to reduce churn rates
wwwcustomerexperienceinsurancecom enquireiqpccouk +44 (0) 207 036 1300
BOOK NOW
Delivering a positive customer experience to reduce churn and differentiate from competitors CXinsurance
Fredi Lienhardt VP of the Big Data amp Smart
Analytics Centre at Swiss Re told a CX
Network conference that ldquoIt is important for
insurance companies to start providing tailor
made products that are completely aligned to
the needs of the customer at the time they
want it This can be achieved through reacting
in real-time being flexible and really listening
to the wants and needs of the customerrdquo
hellipSo are we overthinking the problem
C X N E T W O R K
C X N E T W O R K F E B R U A R Y 2 0 1 6
Accidents and fires common after a sunny
bank holiday
Be available
How insurance providers
could address the trust issue
Duringafter a severe weather event
Is 247 availability a possibility
Make it easy for customers to provide
more information
Gather data to proactively communicate when customer needs help
Could incentivise through funcompetitiive promotions
Explore biometrics and advanced tech
Greet customers warmly not ldquoHello whatrsquos your
policy numberrdquo
Understand changes in life
stagecircumstance
ldquoProtect my familyrdquo
ldquoTake me with yourdquo on the journey
Make the important information short and clear
Follow up to check people understand what they have bought
BEFORE they need to claim
Emulate Santanderrsquos ldquowelcomerdquo calls
Make the important information short and clear
Insurance is a ldquokeeping life on trackrdquo service
Emulate South Africarsquos ldquoAll Liferdquo
service
Quick recovery after an event
Offer severe weather alerts relevant to
homemotorhealth
From the CTX Insurance 2015 Workshop
You canrsquot buy trusthellipor can you
To begin the fight back insurance companies
simply need to move from providing remote
product-led information to their customers to
focusing on an optimised experience that is
open human-led and promotes engagement
In other words ndash embarking on a mission to
improve trust
Being price-sensitive towards customers can
lead to them holding multiple products with a
carrier which in turn can lead to the lsquoorganicrsquo
advantages of word-of-mouth and social
media recommendations In the bid for
securing customer lifetime value these are key
factors to consider and leverage
To get there all insurers need to seriously
consider transforming digitally both internally
and customer-facing Technology upgrades
and upskilling staff are both necessary to
engage with customers on a multi-channel
basis as well as to prepare for the innovations
in online interaction that lie just around the
corner At the same time if more
advancement and investment can be made
into countering fraud as it occurs ndash or
deterring it altogether ndash customer-carrier
engagement has less chance of being
darkened by the shadow of investigation
None of this should be interpreted as a tough
expense The easier the customer journey the
fewer repeat interactions and errors which
results in lower cost Ultimately improving
customer experience not only enhances the
time the customer spends with employees but
also increases revenue thereby raking back in
a return on investment
With this in mind if trust is the issue
investment may well be the answer
Customer Experience Transformation Insurance 2016 will return to London UK on 25-26 May offering the insurance
industry invaluable insight into bull Addressing your insurance-specific
customer experience needs bull Benchmarking against the industry
leaders and your peers to gain an understanding of the market
bull Establishing the next steps you need to take in your customer experience journey
bull Learning how the latest technologies can help you attract and retain customers
bull Discovering how to engage your customers to reduce churn rates
C X N E T W O R K
F E B R U A R Y 2 0 1 6 C X N E T W O R K
CLICK TO FIND OUT MORE
25 - 26 May 2015 London UK
2015 brought alarming news for the insurance industry in the form of two industry studies which reported record-breaking drops in customer experience satisfaction Insurance companies are fast realising that customer experience now one of the most important ways to achieve competitive
differentiation in an increasingly commoditised market Customers have more options and higher expectations than ever before and very little loyalty to insurance companies Creating truly engaged customers is the most sure-fire way to ensure a reduction in churn levels and increased profitability For todayrsquos customer this means an engaging digital experience fast-response times and a company which puts the customer first Customer Experience Transformation Insurance will bring together pioneering customer experience leaders in the insurance industry to guide you through the best ways to achieve true customer satisfaction loyalty
Download the agenda Discover how to bull Address your insurance-specific customer experience needs bull Benchmark against the industry leaders and your peers to gain an understanding of the market bull Establish the next steps you need to take in your customer experience journey bull Learn how the latest technologies can help you attract and retain customers bull Discover how to engage your customers to reduce churn rates
wwwcustomerexperienceinsurancecom enquireiqpccouk +44 (0) 207 036 1300
BOOK NOW
Delivering a positive customer experience to reduce churn and differentiate from competitors CXinsurance
You canrsquot buy trusthellipor can you
To begin the fight back insurance companies
simply need to move from providing remote
product-led information to their customers to
focusing on an optimised experience that is
open human-led and promotes engagement
In other words ndash embarking on a mission to
improve trust
Being price-sensitive towards customers can
lead to them holding multiple products with a
carrier which in turn can lead to the lsquoorganicrsquo
advantages of word-of-mouth and social
media recommendations In the bid for
securing customer lifetime value these are key
factors to consider and leverage
To get there all insurers need to seriously
consider transforming digitally both internally
and customer-facing Technology upgrades
and upskilling staff are both necessary to
engage with customers on a multi-channel
basis as well as to prepare for the innovations
in online interaction that lie just around the
corner At the same time if more
advancement and investment can be made
into countering fraud as it occurs ndash or
deterring it altogether ndash customer-carrier
engagement has less chance of being
darkened by the shadow of investigation
None of this should be interpreted as a tough
expense The easier the customer journey the
fewer repeat interactions and errors which
results in lower cost Ultimately improving
customer experience not only enhances the
time the customer spends with employees but
also increases revenue thereby raking back in
a return on investment
With this in mind if trust is the issue
investment may well be the answer
Customer Experience Transformation Insurance 2016 will return to London UK on 25-26 May offering the insurance
industry invaluable insight into bull Addressing your insurance-specific
customer experience needs bull Benchmarking against the industry
leaders and your peers to gain an understanding of the market
bull Establishing the next steps you need to take in your customer experience journey
bull Learning how the latest technologies can help you attract and retain customers
bull Discovering how to engage your customers to reduce churn rates
C X N E T W O R K
F E B R U A R Y 2 0 1 6 C X N E T W O R K
CLICK TO FIND OUT MORE
25 - 26 May 2015 London UK
2015 brought alarming news for the insurance industry in the form of two industry studies which reported record-breaking drops in customer experience satisfaction Insurance companies are fast realising that customer experience now one of the most important ways to achieve competitive
differentiation in an increasingly commoditised market Customers have more options and higher expectations than ever before and very little loyalty to insurance companies Creating truly engaged customers is the most sure-fire way to ensure a reduction in churn levels and increased profitability For todayrsquos customer this means an engaging digital experience fast-response times and a company which puts the customer first Customer Experience Transformation Insurance will bring together pioneering customer experience leaders in the insurance industry to guide you through the best ways to achieve true customer satisfaction loyalty
Download the agenda Discover how to bull Address your insurance-specific customer experience needs bull Benchmark against the industry leaders and your peers to gain an understanding of the market bull Establish the next steps you need to take in your customer experience journey bull Learn how the latest technologies can help you attract and retain customers bull Discover how to engage your customers to reduce churn rates
wwwcustomerexperienceinsurancecom enquireiqpccouk +44 (0) 207 036 1300
BOOK NOW
Delivering a positive customer experience to reduce churn and differentiate from competitors CXinsurance
25 - 26 May 2015 London UK
2015 brought alarming news for the insurance industry in the form of two industry studies which reported record-breaking drops in customer experience satisfaction Insurance companies are fast realising that customer experience now one of the most important ways to achieve competitive
differentiation in an increasingly commoditised market Customers have more options and higher expectations than ever before and very little loyalty to insurance companies Creating truly engaged customers is the most sure-fire way to ensure a reduction in churn levels and increased profitability For todayrsquos customer this means an engaging digital experience fast-response times and a company which puts the customer first Customer Experience Transformation Insurance will bring together pioneering customer experience leaders in the insurance industry to guide you through the best ways to achieve true customer satisfaction loyalty
Download the agenda Discover how to bull Address your insurance-specific customer experience needs bull Benchmark against the industry leaders and your peers to gain an understanding of the market bull Establish the next steps you need to take in your customer experience journey bull Learn how the latest technologies can help you attract and retain customers bull Discover how to engage your customers to reduce churn rates
wwwcustomerexperienceinsurancecom enquireiqpccouk +44 (0) 207 036 1300
BOOK NOW
Delivering a positive customer experience to reduce churn and differentiate from competitors CXinsurance