Out of all sectors, insurance companies rank second for the highest churn rates in the UK, with a recent report from UK CallMiner Index revealing 24% of consumers switched providers in the last 12 months alone. Customer retention, understandably, clearly remains an area of focus for the industry. But what opportunities and risks are there in building customer loyalty in a marketplace being re-shaped by digital transformation? Amanda Beesley offers some advice.

Whilst a number of factors can contribute to such high levels of customer attrition, one area that remains an issue for the sector is customer communications. In fact, new research has revealed that better client communication can lead to improved loyalty and retention – and is even more essential when it comes to approaching millennials.

Insurance companies are under pressure to improve customer relationships and retain loyalty in an increasingly competitive market, whilst also reducing the cost to serve. As a result, many have been presented with an interesting dilemma - how to keep pace with the expectations of consumers who now demand proactive, personalised, relevant and easy to understand communications, via the channel of their choice, in an environment where supporting omni-channel platforms is becoming increasingly complex. Any shortcomings in delivering the right message at the right time, in a digestible format, risks inadvertently increasing propensity to churn – not to mention cost.

Consumers although still primarily motivated by price are increasingly responding well to a more rounded, comprehensive experience from their suppliers. As a result, many organisations are making the transition from ‘customer service’ thinking to ‘customer experience’ thinking.

Insurance companies have been wrestling with this challenge for years now, the highly competitive nature of the market and strict regulations have been fuelling the drive towards improved customer experience for some time. Central to this has been the implementation of systems that enable them to effectively and efficiently engage with their customer base across a range of platforms with omnichannel communications strategies.

As businesses focus on delivering simple and transparent communication channels, the delivery infrastructure to support these risks becoming increasingly complex, fragmented and costly, the opposite of what Insurance companies are striving for.

While the merits of modern CCM eco-systems are apparent, one of the biggest hurdles is deploying these systems in a cohesive and cost effective way, such to leverage all the benefits of a single customer view and conversation, without having to manage a proliferation of suppliers and systems which then make digital transformation slow and painful.

By centralising communication management and deploying enabling technology, businesses can deliver a truly omnichannel customer experience in the digital age, and unlock the value of the communication expertise within their businesses. Such systems enable organisations to design, manage and deliver high-volume, personalised communications on-demand from a single, centralised platform – across the entire customer journey.

The benefits of switching from a model that integrates multiple CCM platforms, to one which utilises a single, unified, end to end solution are enormous. Not only can the latest generation of CCM platforms facilitate easier integration with legacy systems, they can also streamline processes and eliminate operational silos, while at the same time reducing the risk of non-compliance.

The result is vastly improved experience, with greater consistency in brand image and messaging across channels and journeys with the added benefit of increased operational efficiencies and reduced costs.

相关资源

DOPiXgrey video thumb
Video

MIGRATE YOUR ASF.

DOPiXgrey: The only solution for quick and easy migration from IBM ASF and DCF This short, ten-minute presentation gives you a quick overview of how you can easily migrate from...

customer experience
Webinar

Becoming Customer Obsessed: British Gas’s Journey to Digital

British Gas has become a CX leader in the industry by adopting a new initiative that is a customer-obsessed, solutions-led approach to customer journey mapping. Find out how they've transformed their...
Service Provider digital transformation
Webinar

Why Service Providers must transform to digital

This on-demand webinar features a panel with Service Providers from around the world who share their views and the critical actions they have taken to transform their business.
macro industry trends
Webinar

Fireside chat: A macro view on customer communications with our Industry Principals

Quadient CXM’s vertical industry experts share how organizations around the world are responding to today's challenges in key industries including financial services, insurance, utilities and...
体验

体验

经验丰富,拥有国际一流的领先优势

专家级支持

专家级支持

Gartner、Forrester 和 Aspire

获得专业支持

获得专业支持

每年提供 80 亿次个性化体验

调查显示

调查显示

客户满意度高达 97%