Andi Dominguez, Global Insurance Principal at Quadient explores how can insurers keep customers happy in a period of change
The real change in UK insurance industry happened that in last few years the rise of comparison in wedsites and willingness which has seen the balance of power in relationship towards consumers more then before.
The new FCA legislation has underline that which state people cannot change more for a home or motor insurance to the renewal then the new customer. The insurance policy holder in UK feels that they have not been rewarded for their loyalty to insurers.
The three quarters of them believe that the customer experience has stood for last five years. It means that the tracking customer experience KPIs which has never been more important for insurers. They suggest to measure customer sentiment and set goals and target into CX.
The metrics minefield
Gartner said that most organisations with a revenue of more then US$1bn use more than 50 CX metrics.
Here are the four key steps for them to follow
1) Run an audit
They need to understand exactly wht CX metrics are currently being used to cross the organisation. This process likely start with more of traditionally KPI- driven department, which include marketing, sales, customer service, supply chain and general operations.
2) Create a hierarchical dashboard
The individual department will be laser- focused on their own CX metrics but they have to improve their overall customer experience, employees must have sight of performance in all the department and the line of the business. Which helps to give the bird eye view and insurers need to pull together all the metrics which are found during the auditing stage and create dashboard.
3) KPI prioritisation
Insurers purely focus on meeting business goals at the lowering cost or boosting revenue rather then helping the customer directly. The customer comes first by making it more likely that the organisation will focus on helping with the product and the service.
4) Step away from executive – level metrics
They ask for improvement in Customer Satisfaction (CSAT), Net improvement Score (NPS) OR Customers Efforts Score (CES). It will take few year for insurer to move themselves to the top in the industry tables on their fronts. The short term gains and working on a number of lower level CX metrics.
