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

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