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Customer experience, how profitable is for insurance

An analysis of Watermark Consulting, reveals the relationship between investments in customer experience and returns. The leading companies distribute dividends that double over companies which have complex procedures bothering the customer. The full report.

27 Jul 2016

Customer experience: nowadays in the insurance industry is what differentiates a “leading” company looking at the future and efficient even financially, from “laggard” companies which lose appeal; and this is what allows companies to turn unhappy customers into supporters. These are the words of Watermark Consulting, one of the world leading consulting firms on customer experience, that have been publishing annually for six years, the “Customer Experience ROI study” dedicated in its 2016 edition to the insurance sector. The study was carried out by analyzing the market performance of a number of “leader” companies and a series of “laggard” ones.

“We discovered that the returns of companies investing in customer experience, than the laggards, are indeed incredibly different – said the founder and CEO of Watermark Consulting Jon Picoult – Many insurance companies will publicly support the importance of innovation to customer-centric, but in the practice, behind the scenes, are still very skeptical about the importance and profit-capacity of the customer experience strategy. Thus they continue with the usual archaic procedures, complex and confusing, bothering and make the customer feel frustrated. Our study demonstrates that the “leading” companies are able instead to distribute dividends at least double compared to the laggard ones.”

Actually, other studies such as the World Insurance Report from Capgemini showed how the customer experience is even the link with millennial, this is the issue many startups are working on, from the Canadian League which has recently received a magnificent investment, to the Italian DarWinsurance, the first peer-to-peer insurance.

“Insurance companies – said Picoult – are struggling to stand out in a market that considers their products ever more as commodities. So, the best way to stand out is to offer the customer a truly wonderful end-to-end experience, and transform the customer in the most determined supporter of the company”.

The advantages are obviously not only the “dividends”, but also higher earnings and lower costs.

Download here “THE 2016 CUSTOMER EXPERIENCE ROI STUDY INSURANCE INDUSTRY EDITION”.

In this video Jon Picoult, Watermark Consulting about customer experience

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