- Answer the phone. Insurance is generally ranked as one of the worst industries for its customer experience. Just 20% respond to questions via Twitter and email, and only 30% answer questions satisfactorily.
- One-size-fits-none. In designing and selling products, insurers focus on risk, rating and products rather than customers. Customers expect tailored service—and most are not getting it.
- Multichannel is hardly a reality. Customers expect to be able to have a seamless experience across all channels. Having to repeat information with a representative who has no record of previous interactions is frustrating, to say the least.
- Get a single customer view. Customers have a single view of their providers, but few providers have a single view of their customers. It’s difficult for customers to understand why they have both auto and home insurance with the same provider, but that information isn’t shared between them.
- Online self-service is limited service. In principle, online self-service can be a way to empower customers and reduce loads on call centers. In practice, a customer may have to log in through multiple portals. Or, insurers may have limited capabilities through online self-service, requiring customers to contact the call center anyway (and, even more galling, incur administration fees).
- The claims process is flawed. Claims payments are often drawn out and require multiple follow-ups. Though insurers regard this as the “moment of truth,” many do not provide satisfactory or transparent service at this crucial point in the customer relationship.
- Customized policies are difficult to obtain. Many customers cobble together multiple policies to amass the coverage that they need. A better option would be for a single provider to tailor one insurance policy—and that provider would also obtain better insights into that customer’s needs, and be able to offer living services to strengthen the customer relationship beyond the transaction.
Insurance Hasn't Changed, but... (Part 4)
There are some basic capabilities that customers expect from their insurers—and insurers generally fall flat.