For an industry that deals in peace of mind, there is plenty to make insurers lose sleep. Regulatory shifts, climate changes, and consumption trends are pressuring firms to abandon traditional strategies and transform to survive the "new normal." So how do companies transform in order to keep pace and connect with their customers?
Understanding your customer
Customer choices have always been influenced and governed by multiple factors, but never has this been as complex and subject to disruption as it is today. The Five Mys framework helps identify what customers value in an experience, understand the moments that matter to them, get smarter about the connections that contextualize their lives, and learn about the trade-offs they make with time and money. How these factors work in concert across an individual's different life stages and events is key to unlocking real insights and predicting what will drive the customer of tomorrow.
Designing customer experience excellence
Based on nearly a decade of research and more than two million evaluations across multiple markets, we have identified and validated six fundamental components of every great customer experience. The Six Pillars are inextricably intertwined and, when combined, provide a powerful mechanism to help decision makers understand how a strong customer strategy is executed.
Developing a winning strategy
For insurers, winning the race for the customer comes down to truly understanding customers; their motivations, frustrations expectations, and concerns, and designing experiences that cater to their needs today as well as anticipate their demands tomorrow. This will require understanding and catering to changing customer lifestyles and consumption trends, building relationships based on trust and frictionless service, embracing new technologies and leveraging them to improve the customer experience and truly assuring customers that they are in good hands, even when they are facing difficult situations.
So are we. Let's do this.
Speak to one of our customer experience advisors today.
All statistics quoted are from 2018 Me, my life, my wallet survey results.