Six Things Newsletter | July 13, 2021 - Insurance Thought Leadership

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July 13, 2021

Six Things Newsletter | July 13, 2021

Summary:

In this week's Six Things, Paul Carroll explains why customer surveys are passe. Plus, killer flying robots are here - what now?; how workplace has changed for women; AI and its impact on automotive claims; and more.

Photo Courtesy of ITL

Why Customer Surveys Are Passe

Paul Carroll, Editor-in-Chief of ITL

Ever since a college statistics class in which I learned about the polling debacle in the 1936 U.S. presidential election, I’ve cast a wary eye at surveys. The respected Literary Digest got fully 2.4 million people to respond to a poll on their preferences that year and reported that Alf Landon would easily defeat incumbent Franklin D. Roosevelt. Or maybe not. While the poll found Landon leading 57% to 43%, in fact, FDR won 61% of the popular vote. He pitched a near shutout in the Electoral College, winning 523 to eight.

It’s not that consumer surveys don’t have value. They do, especially as long as we’ve all learned to avoid pitfalls such as the wild sampling bias that led Literary Digest so far astray. The surveys can be especially valuable when they track changes in attitudes over many years or even decades.

But customer surveys have always been rather crude. They’re highly sensitive to how questions are phrased, and they’ve always operated at a remove from what we really care about: Surveys tell us what customers say they’ll do, not necessarily what they’ll actually do.

There’s now a better way. And it’s especially important at a time when so many insurers are trying to reinvent the customer experience — they need to know what really matters and what doesn’t, in fact, affect customer behavior.

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SIX THINGS

Killer Flying Robots Are Here — What Now?
by Vivek Wadhwa

To terrorists, autonomous drones open an entire new field of possibilities. Imagine attacks on 100 locations in a single day.

Read More

How Workplace Has Changed for Women
by Cindy De Armond

Gender inequality, long a problem in the American workplace, worsened during COVID-19, and the insurance industry is no exception.

Read More

AI and Its Impact on Automotive Claims
by Olivier Baudoux

Thanks to four trends, AI can improve efficiency and cycle time and meet policyholder expectations for a streamlined, digital auto claims experience.

Read More

Premiums Climb as Ransomware Bites
by Stu Sjouwerman

A ransomware attack can sink a company. The average ransom cost is now $154,108, and the average downtime caused is 21 days.

Read More

Building Your Digital Sales Arsenal
by Michael de Waal

Customers have more information at their fingertips than ever. The trick is reaching the right customer, at the right time, on the right device.

Read More

Can CX Be a Stand-Alone Discipline?
by Judy Delarosa

Customer experience will no longer be a thing you do, but rather will become a natural part of how you think, how you behave and make decisions.

Read More

How to Increase Profits With Connected CX
sponsored by Statflo

Fostering connected experiences is vital to meeting customer expectations and succeeding in a technology-centric world.

Read More

MORE FROM ITL

JULY FOCUS: Customer Experience
This month sponsored by Statflo

Insurance companies are finding that they have to reinvent chunks of their businesses to really get the customer experience right. Yes, they have to focus on the ways that they touch customers, through agents and brokers, through call centers, through adjusters and through an increasingly broad array of electronic means. But a customer doesn’t just experience a company through a direct communication. Customers also experience, for instance, how long and painful an underwriting process or a claim is.

And here’s the thing: This emphasis on customer experience requires a revolution for companies.

Keep Reading

A Conversation on Workers’ Compensation, with Kimberly George and Mark Walls

As the world starts to emerge from the pandemic, ITL Editor-in-Chief Paul Carroll sat down to discuss the new normal for workers’ comp with two of ITL’s most widely read contributors: Mark Walls, VP of communications and strategic analysis at Safety National, and Kimberly George, global head of innovation and product development at Sedgwick.

Watch Now

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