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Report Finds Insurance Companies Are Realizing the Value of Investing in CX

By Tracey E. Schelmetic March 22, 2023

For companies that offer very commoditized services – banking and insurance are two good examples – shoppers often make the decision to become a customer entirely on the basis of the quality of customer support offered, particularly since these services are difficult to change in the event of a poor experience.

While banks spend inordinate amounts of money and time advertising their customer service quality, insurance companies – and particularly insurance agencies – are often smaller businesses that lack a global IT presence to ensure that they’re getting omnichannel customer support right. A new study, however, has found that insurance companies are aware of their duty of care when it comes to the customer experience.

Contact center solutions provider Talkdesk, Inc. recently released a new Talkdesk Research report, “Building Loyalty in Insurance Through Elevated Customer Experiences.” The report shows that despite an uncertain economy, rising costs, and competitive pricing pressures, an overwhelming majority of insurance organizations (88%) view investment in customer experience (CX) as a strategic priority. The report offers insight into the biggest drivers of CX friction today, their impact on customer loyalty, and how insurers plan to leverage technology in addressing issues with both customer and employee experiences.

More than nine in 10 insurance CX professionals say delivering superior CX is a key driver of customer loyalty (93%). Accomplishing this starts with giving associates the right tools to better resolve customer issues. By not doing so, respondents say companies will experience a decrease in worker retention (51%) and quality of customer support (47%).

The pressure is real. Customer expectations for insurers are higher than they were just a year ago (88%), putting new pressure on CX workers to improve speed, ease, and transparency in interactions.

“Insurance companies are siloed, and this lack of unified information is resulting in disconnected customer experiences and inefficient support,” said Andy Flynn, SVP of Industries and Global Customer Success, Talkdesk. “The good news is that tools such as AI, analytics, and system integrations allow insurance CX leaders to improve member experiences, while also developing the insights and programs that can help drive increased share of wallet. Whether launching self-service capabilities or empowering associates through information access and targeted training, insurance CX leaders will soon reap the benefits of digital transformation.”




Edited by Alex Passett
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