Customer Experience Featured Article

The Changing Customer Experience in the Insurance Industry

 
March 03, 2015



Reports continue to surface on the customer experience across a myriad of industries. Companies continue to search for the right formula to ensure they can meet customer expectations as well as budget requirements, yet many continue to fall short. A recent post in Insurance Business Online takes an interesting approach to the conundrum – blaming a particular generation.


The article tries to sum up the findings of The World Insurance Report, created by Capgemini (News - Alert) and European Financial Management Association by suggesting that Generation Y is responsible for driving down customer satisfaction within the insurance industry. According to the report’s findings, younger customers are unsatisfied with the technology available in the insurance industry.

This approach suggests that customers should find satisfaction in the tools that are offered to them, instead of setting standards that may apply to other industries. Of course, such an approach to the customer experience has never proven successful, except in a few rare cases where a brand has been able to warp the thinking of its target audience through exclusivity and manipulative tactics.

In an industry like insurance where so many other providers offer the same kind of coverage, brokers and agents can’t afford to let their approach to the customer experience slide. Banks and other financial providers are using technology to respond to customer demands. Agents and brokers need to adapt to these changes and provide an experience similar to what these customers are having across other channels.

Smaller brokers may believe they don’t have the means to meet this expectation as implementing the technology younger customers demand takes time and money, resources they do not have in spades. With access to cloud-based technology, however, this limitation is changing, allowing smaller players to match many of the capabilities of their larger counterparts. Likewise, smaller brokers are joining larger broker associations to get the support they need for technology, processing and other capabilities.

In the insurance industry, pricing is too competitive for any company to ignore the demands of the customer base, regardless of age. Customers can easily switch to another provider with a couple clicks of the mouse. Without personalized service that meets their needs, there is no reason to stay with a company that hasn’t implemented the tools the customer wants to use for engagement.

When examining the industry in that light, it is true that the younger customer is affecting overall satisfaction. But the concept that you need to listen to the voice of the customer hasn’t changed. If their expectations have intensified, it’s time to respond with the right solutions or they will go to the nearest competitor to get what they need. 




Edited by Maurice Nagle

Featured Datasheets

Datasheet: VIM - Academy

This datasheets is an introduction to the Exony Academy. It describes our course portfolio the range of different training delivery methods. In our standard training courseware the delivery methods are chosen to best suit the type and complexity of the subject.

Datasheet: VIM X - Family

This datasheet is a brief overview of the VIM X family. VIM X has been designed to allow organizations to get the most out of their investments in Cisco UCCE, CUCM and CVP including unique integration with Cisco HCS for Service Provider deployment.

Featured Case Studies

Case Study: CCI

This case study describes how employees from Corinthian Colleges use Exony VIM to deliver centralized management with local autonomy, making significant gains in efficiency and staff effectiveness by implementing sophisticated contact center data tools across its contact centers to help transform service delivery to students.

Case Study: VSP

This case study describes how eyecare group VSP Global uses Exony VIM to enhance operational visibility within its contact centers, making it easier for managers and supervisors to access the essential information needed to improve customer service.

See More...Manage Smarter

An Introduction to Exony